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In this video tutorial, we will be learning about editing data in a text editor. We will explore different options such as how to edit a function or formula, how to undo and redo, and how to go to a particular area. To replace something, we can use the find feature by pressing ctrl F on the keyboard. This will open a dialog box where we can search for a specific alphabet, such as Y, in the entire Excel workbook. We can then navigate through the different instances of the alphabet Y and replace it with another alphabet as needed.