While running the latex template for Nanoscale Journal, I face the following error:
Latex Error : File"extsizes.sty" not found
What is the reason and how can it be solved?
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You should use the package
extsizes in order to compile your document.
I'll suppose that your TeX distribution doesn't download package when needed. What you can do is to download it on CTAN and install it.
According to the comment made by the OP, MiKTeX is used. Then MiKTeX have a package manager.