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\frac{7}{10}\times 500
Reduce the fraction \frac{42}{60} to lowest terms by extracting and canceling out 6.
\frac{7\times 500}{10}
Express \frac{7}{10}\times 500 as a single fraction.
\frac{3500}{10}
Multiply 7 and 500 to get 3500.
350
Divide 3500 by 10 to get 350.