Mail Merge Images

How to Mail Merge Custom Images into each document. Must use MS Office 365 Excel and MS Word 97-2003.
Procedure to input the merged graphic:
1) Insert the image field as usual
2) Highlight the entire field
3) [Ctrl-F9]
4) Place the cursor in front of the first (double-less-than-sign)
5) MERGEFIELD (space)
6) Highlight the entire field
7) [Ctrl-F9]
8) Place the cursor one space after the first {
9) IF TRUE (space)
10) Highlight the entire field
11) [Ctrl-F9]
12) Place the cursor one space after the first {
13) INCLUDEPICTURE
14) One space after the second to the last } type \D