RichTextBox: How to wrap on character rather than word?

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Is it possible to configure a System.Windows.Forms.RichTextBox to wrap on characters rather than words? Setting RightMargin to the width of the client rectangle and turning off word wrap, I tried replacing every space character with a non-breaking space, but any lines with punctuation will wrap at the punctuation rather than on the rightmost character in the line. It seems like this should be an obvious setting, but I'm stumped.

Henry David Thoreau wrote:

Beware of all enterprises that require new clothes.