Text replaces fading away image in blogger - function

Question

In this demo http://jsfiddle.net/pHJgP/8/ an image gets replaced with a text
I'd like to do the same on a blogger post http://myblog.blogspot.com/2015/06/firstpost.html
This code goes into post body:
<div id="outer"><img src="http://existdissolve.com/wp-content/uploads/2010/08/microsoft-logo-64x64.png"/></div>
<div id="text" style="display:none">Text here</div>
Where do I put this code?
$(document).ready(function()
{
setTimeout(function()
{
$("div#outer").fadeOut("slow", function ()
{
$("div#outer img").remove();
$("div#outer").html($("div#text").text());
$("div#outer").show();
});
}, 3000);
});
Do I need to add an operator to invoke the function or action in this particular post http://myblog.blogspot.com/2015/06/firstpost.html when it opens? And where/how do I add that operator or trigger code?
What else is missing ?
Before asking I've read several posts on stackoverflow.com , on w3schools.com , etc. experimented but failed due to the lack of knowledge.

Answer 1

place this code just above or before </head>
<script src='http://code.jquery.com/jquery-1.7.2.js'/>
<script type='text/javascript'>
$(document).ready(function()
{
setTimeout(function()
{
$("div#outer").fadeOut("slow", function ()
{
$("div#outer img").remove();
$("div#outer").html($("div#text").text());
$("div#outer").show();
});
}, 3000);
});
</script>
Note: 1.7.2 is taken from the top left corner of the demo http://jsfiddle.net/pHJgP/8/
if 1.7.2 did not work, try other versions.
I am not a PRO. And this is all I know from experimenting.
I could be wrong