I use Adobe Photoshop CS4 but most all versions of Photoshop should have all these features. I am making the assumption that you already have a good understanding of how Photoshop works and how to set up layers and such.
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Need a helpful hint to adding effects. This detailed layout tutorial, does indeed give you the illusion of a mathematical equation. But once you go over and remember some key elements, you'll be able to accomplish what you wish.