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In SSAS, is the Calculation defined in a Cube physically saved in the cube or is it calculated on the fly when a query is requested?

In SSAS, is the Calculation defined in a Cube physically saved in the cube or is it calculated on the fly when a query is requested?  Thanks.
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Does this mean that if those values can be calculated during the ETL process and stored in the data warehouse, query performance can be improved at least a little bit?
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Thanks.