Images in dynamic text box

I have a dynamic text box, with render as HTML set true, multiline true, wrap true. Then I have htmltext="<img src=‘mypic.gif’>" but the text box is still blank. I’ve double checked the image is in the same directory as the flash file. When I put htmltext ="<b>test</b>"; the text appears and is bold as the tag indicates. Anyone know why the image won’t appear?