Error: After Office 2016 upgrade Outlook 2016 fails to connect Exchange Server 2007

After upgrading to Outlook 2016 for Windows fails to connect Exchange Server 2007 mailbox and you get the following error message.  Also when you open Outlook, you get error message that Outlook can't open your data files.

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These errors occur because Outlook 2016 for Windows doesn't support Exchange Server 2007 and earlier versions.

In such scenario, I would suggest you to look at the related article talks this and provides solution moving forward as well.