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Text inside a circle..
Create
a circle, format it so it is the exact size you want. (Right-click, format
autoshape).

With the freeform line drawing pen, create an object similar
to the left illustration. Right-click the drawing, click edit points. Edit
the points so as they are circular. Copy the shape, paste and flip
horizontal. Adjust so the shapes form around your original. Delete the
original circle. Create your text box, send it to the back. Give your
created drawing no line and no fill.

 
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