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Dexter Riley and his friends accidently discover a new chemical mixed with a cereal seems to give anyone temporary superhuman strength

Medfield University Dean Higgins is informed by his superiors, the Board of Regents, that they're dissatisfied by how University is doing financially. So they ask him to step down. But Higgins buys some time by claiming he's planning a fund raising campaign. He then learns that Quigley, the science professor who is conducting another one of his experiments, which is to make a new food supplement to make people stronger. And when Higgins learns how much he is spending he fires him. And it's during Higgins' tirade that some stuff in the lab gets knocked and Dexter Riley's formula which he's working on ends up in Schuyler's cereal. And the cow which they were working on eats some. Later the owner calls up to tell them that his cow has been giving milk non stop. The next day Dexter takes some of the cereal and later discovers he has incredible strength. They then show it to Higgins who decides to sell the formula to the cereal company. The owner agrees to it and also decides to challenge her competitor to a weight lifting competition with her company backing Medfield while her competitor backs State. She instructs Higgins to keep the whole thing a secret because she knows her competitor will do what he can to find out what she is up to. And it turns one of her people is her competitor's inside man who tells him about her plan. So he tells his insider to get the formula, so he approaches the Medfield gang's old enemy, A.J. Arno to get it.
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