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\frac{7}{12}+\frac{8}{12}-\left(\frac{1}{2}\right)^{2}
Least common multiple of 12 and 3 is 12. Convert \frac{7}{12} and \frac{2}{3} to fractions with denominator 12.
\frac{7+8}{12}-\left(\frac{1}{2}\right)^{2}
Since \frac{7}{12} and \frac{8}{12} have the same denominator, add them by adding their numerators.
\frac{15}{12}-\left(\frac{1}{2}\right)^{2}
Add 7 and 8 to get 15.
\frac{5}{4}-\left(\frac{1}{2}\right)^{2}
Reduce the fraction \frac{15}{12} to lowest terms by extracting and canceling out 3.
\frac{5}{4}-\frac{1}{4}
Calculate \frac{1}{2} to the power of 2 and get \frac{1}{4}.
\frac{5-1}{4}
Since \frac{5}{4} and \frac{1}{4} have the same denominator, subtract them by subtracting their numerators.
\frac{4}{4}
Subtract 1 from 5 to get 4.
1
Divide 4 by 4 to get 1.