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Compiler/CC2640R2F: Difference between .hex and .out file + generate .hex file instead .out file

Part Number: CC2640R2F

Tool/software: TI C/C++ Compiler

Hello, 

i have two questions. 

First question: What is the difference between the two fileextension .hex and .out? 

Second question: Is it possible to generate a .hex file instead of an .out file in Code Composer Studio?