Is it possible to insert a jpg image inside a cell, or do Excel cells only display alphanumeric characters (or references)?
There are two ways to insert image to the Excel cell.
first ways is inserting image as the background of comments.
-Right-click on the cell / -Insert Comment / -Double-click on the border of the comment
-Choose the Colors and Lines tab / -In the Fill section, click the drop-down for Color -Choose Fill Effects... | Picture | Select Picture... / -Choose your picture and click Insert -Click OK
the result will be like that
When you put mouse over the cell, it'll show the picture.
Another way what you can do is anchoring an image to the cell. You've to name the cell first. Right click on the cell, and "Define Name". then right click on the picture , add Hyperlink , choose "Place in this document", you'll see the name you'd set in the Defined Names, then Okay! You'll find out like below.
You'll need to adjust the size of the image with the cell width/height.