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\frac{12\times 4+1}{4\times 100}
Express \frac{\frac{12\times 4+1}{4}}{100} as a single fraction.
\frac{48+1}{4\times 100}
Multiply 12 and 4 to get 48.
\frac{49}{4\times 100}
Add 48 and 1 to get 49.
\frac{49}{400}
Multiply 4 and 100 to get 400.