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You can change a graphic from inline (acting as a text character) to floating by changing the text-wrapping style; any wrapping style other than In line with text will create a floating graphic.
First, position the graphic where you want it. Then you can fine-tune its position within the surrounding text:
As you'll see in this lesson's practice, a floating graphic (unless it's a diagram or organization chart) takes on the same selection and resize handles that an AutoShape does, including the green rotation handle at the top.