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formerly vs. formally

[ fawr-mer-lee ]
/ ˈfɔr mər li /

adverb
  1. in time past; in an earlier period or age; previously: a custom formerly observed.
  2. in time just past; just now.
[ fawr-muh-lee ]
/ ˈfɔr mə li /

adverb
  1. in a formal manner: The store was formally opened on Tuesday.
  2. as regards form; in form: It may be formally correct, but it is substantively wrong.

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