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If you are using the editor that looks like Word (icons above what you're typing for bold, italic, etc), otherwise known as "rich-text" enabled:

1) Type what you want your link to say, eg Serendip Home Page

2) Drag your cursor to select it

3) Click on the icon that looks like a link on a chain

4) Enter the URL in the space provided in the new window

5) Click the Insert button

e.g. Serendip Home Page