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It will let you choose between JPEG, PNG, and TIFF formats. If you know you’ll want to access a given file using multiple programs, you can save it in several formats to begin with.
You can use Microsoft Paint software to convert PNG to JPG/JPEG and even to other image formats such as GIF, TIFF, 24-bit bitmap, 18-color bitmap, and others. Open the PNG image in the Paint app.