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In this Microsoft Excel tutorial, the presenter explains how to use the Replace function. The video begins by introducing the function's purpose—to replace part of a text string with a different text string. The tutorial emphasizes learning through application, and the presenter demonstrates the Replace function in cell B2. As he explains the process, he details the first parameter, which is the old text that needs to be replaced. Throughout the video, viewers are guided on effectively using the parameters to implement the function in their own Excel worksheets. The tutorial aims to provide a comprehensive understanding of how to utilize the Replace function successfully.