Different colors for different text in a single textbox

Is it possible to have different colors for different text in a single text box?

For example,

1st line of text is black

2nd line of text is blue

3rd line of text is red.

Answer 1

[Voss]

str = { ...
    '\color{black}1st line of text', ...
    '\color{blue}2nd line of text', ...
    '\color{red}3rd line of text'};

t = text(0.5,0.5,str);

[Mark Stone]

Great. Thanks.

[Voss]

You're welcome!

[Keqin Xu]

What if I want to use more colors that don't even have a name?

[Walter Roberson]

str = '\color[rgb]{0.1,0.8,0.95} Sample rgb text';
text(0.5,0.5,str)

Note that for this to work, the text() Interpreter property must be 'tex' (which is the default)