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What format to convert to to reduce the "Optimizing Video" time for iMovie?

The original file is AVI, what file should I convert it to so that it doesn't take forever to import into iMovie? 

Currently I have 2 files (size total 40 MB after converted to MP4), it is telling me that it is going to take 22 hours for the "Optimizing Video" (which pops up before the files get imported into iMovie). 

Please help? :( 


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