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Default Watermark Transparency/Opacity

I want to use a graphic as a watermark (header, and sheet background).
It works fine except that it needs to be semi-transparent.

I've read the posts here about using Wordart, but since I'm using a
graphic, not text, Wordart isn't an option if I understand correctly.

How can I make the graphic semi-transparent?


Thanks,

Greg
 
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