This video is from HelpVids and describes how to change the axis titles on charts in Microsoft Word 2007. To access the chart tools, select the chart and the tools will appear above the ribbon. There are many different design options that you can preview on the screen to make your final selection. To change the chart title, click on the Chart Title button which is located on the Layout ribbon. You can then select where you would like the title to appear. Once you select the location you can then begin typing the new title. Once you finish typing you can change the formatting using the Chart Title dialog box that appears when you select the title.
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