Adding local packages in MiKTeX 2.9 on Windows

I'm writing this down so I never have to search the internet again to figure out how to install local packages for my Latex installation. There are two competing installations for Windows: MiKTeX and TeX Live. The math department where I work has its own .sty files for formatting exams, and every time I've had a new install of Latex, I've had to figure out where to put these files so Latex knows where to find them. The issue this time is that I've used…

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