Images in Word can be floating (text wrap turned on) or inline.

If the image is floating then you can hold down Ctrl key and when you drag, you will get a duplicate. Add the Shift key while dragging and the duplicate will stay aligned with the original.

If the image is inline then the Ctrl key will also work as long as you drag the duplicate to another paragraph.

You can also drag with the right mouse button and when you let go, a dialog appears that asks if you want to duplicate the image or move it.

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Andrew Lockton
Chrysalis Design, Melbourne Australia