Although regularly used, 'good' is a more modern and informal way of saying 'I am well'. If you're looking for formal, stick with 'I am well, thank you'.
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AnonymousWhat are some formal ways ofNote that telling someone how you are is not giving a greeting. "Good morning" and "Hello" are greetings. Though the former is a little more formal than the latter, very formal greetings are not used anymore. No one nowadays is going to say "Allogreetings?greeting people?