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In this tutorial, the presenter explains how to use the Replace function in Microsoft Excel. The video begins with an introduction to the function and emphasizes learning by application. The Replace function replaces a portion of a text string with a different string. To use it, the user types "Equal to R E" and selects the Replace function. The first required parameter is the "old text," referring to the existing text from which a portion will be replaced. The presenter encourages viewers to understand the parameters for effective implementation. The tutorial aims to guide viewers in using the Replace function efficiently in their Excel tasks.