Can’t figure out how to make bold, italic, etc

I have WP 2.7.1.

I am in “add new post.” I can’t see the toolbar at the top of the big text box — the one where I can make words bold or italic, etc. I can only see “Upload/Insert” and 4 pictures which say (when I hover the cursor over them) “add an image” “add video” “add audio” and “add media”. I have looked everywhere, including in settings, but can’t find where I can edit my posts.