Setting the first letter of a selection to be bigger and colored different than the rest

Question

Is there an option or style where I can make a selection and on its first letter, have that be set at a larger font size, and possibly another color?

Say I have a selection of text all set to 11 point in black, but I would like the first letter to be at 14 point in red.

To give an idea, I would like a result like this:

How would I do this?

Answer 1

What you're looking for is a Drop Cap.

An article on how to do it can be found here:

On the Insert tab, in the Text group, click Drop Cap, and then click Dropped or In margin. Hold the mouse pointer over your choice to see a preview in your document.

There are options you can apply to change the font etc.