Merge Document/Compose emails--photo disappears.

[SchoodicMountain]

Dear Forum,

I could use some help with a Merge Document/Compose emails problem.

Everything works well when it is just text.

Everything works well when there is a photo and the output is "Save a Single File."

However, when there is a photo and the output is "Compose Emails," then the text is fine and instead of a photo there is a little dotted box with "OBJ" inside.

I'm out of ideas.

Template and csv files attached. (Both stripped down to meet maximum file size,

Many thanks. Many blessings,

Mitchell