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\frac{50}{1.02\times 1000}
Calculate 10 to the power of 3 and get 1000.
\frac{50}{1020}
Multiply 1.02 and 1000 to get 1020.
\frac{5}{102}
Reduce the fraction \frac{50}{1020} to lowest terms by extracting and canceling out 10.