Use hyperlinks
Using excel 2007 onwards , i currently use 2013
In your spreadsheet select the cell to use as a hyperlink
From the main menu line
FILE HOME INSERT Page layout etc
select Insert
Within the Insert options look over to the right and you will see Hyperlink
Selrct the cell yout want to display the .jpeg
then select Hyperlink
look through all the optioms find pictures, select the one you want, then that cell links to that .jpeg or any other file etc.
Sorry about spellinging , got bat jet lag and aussi flu with achest infection.
Hope this helps
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