• Right click on the folder/file which has to be Password Protected and select ADD to Archive option.
  

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• From the pop up window select the Advanced Tab.
  
• Now click on the Set Password.
  

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• Enter and Verify your Password (Use both Alphabets and Numeric words to make a strong Password).
  

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• Now a new compressed file will be generated at the same location of your original file
  

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Now whenever somebody will try to open or extract the files in archive it will ask for the password.