Excel macro to add html tags to specific phrases in one worksheet

I have an Excel worksheet with one column that contains over eight thousand of multiple choice questions each is followed by an empty cell to separate it from the following question, as per the following example.

Type: MC
1) What is the effect of releasing a ball in positive gravity?
~ It will fall down. (This is the correct answer) It will retain its mass. (This answer is true but unrelated) It will rise. (This answer is false but related) Its shape will change. (This answer is false and unrelated) It will explode. (This answer is false and unrelated)
@ It will fall down. (This is the correct answer) It will retain its mass. (This answer is true but unrelated) It will rise. (This answer is false but related) Its shape will change. (This answer is false and unrelated) It will explode. (This answer is false and unrelated)
*a. It will fall down
b. It will retain its mass
c. It will rise
d. Its shape will change
e. It will explode

What I'm requested to do is to change the colour of all the items in the two paragraphs that start with "Tilde ~" and "Ampersand @" as long as they exist in the list of alternative answers "a. – k.". In other words to parse the list of alternative answers for each question (in my example a. to e.), and only change their corresponding phrases in the above two paragraphs that start with "~" and "@", by adding relevant html tags. Thus each question will become as follows:

Type: MC
1) What is the effect of releasing a ball in positive gravity?
~ <font color = "#008000">It will fall down</font>. (This is the correct answer) <font color = "#008000">It will retain its mass</font>. (This answer is true but unrelated) <font color = "#008000">It will rise</font>. (This answer is false but related) <font color = "#008000">Its shape will change</font>. (This answer is false and unrelated) <font color = "#008000">It will explode</font>. (This answer is false and unrelated)
@ <font color = "#008000">It will fall down</font>. (This is the correct answer) <font color = "#008000">It will retain its mass</font>. (This answer is true but unrelated) <font color = "#008000">It will rise</font>. (This answer is false but related) <font color = "#008000">Its shape will change</font>. (This answer is false and unrelated) <font color = "#008000">It will explode</font>. (This answer is false and unrelated)
*a. It will fall down
b. It will retain its mass
c. It will rise
d. Its shape will change
e. It will explode

.. another question

.. another question

Can someone help with this request? Many thanks in advance.

My deep thanking to you pjwhitfield for your prompt reply. Please pardon my ignorance, as I have been trying to run the code, but a message comes up as "Run-time error '9', Subscript out of range". How do you think I should fix this error?
My best regards.

My apologies, it was actually some entries in the data file itself. Having fixed it, the code ran like a charm. Thank you very much pjwhitfield for your genius code.