To calculate the price of the item after a 70% reduction from the original price of $71, you can follow these steps:
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Calculate the amount of the discount: \[ \text{Discount} = \text{Original Price} \times \text{Discount Rate} = 71 \times 0.70 = 49.7 \]
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Subtract the discount from the original price to find the new price: \[ \text{New Price} = \text{Original Price} - \text{Discount} = 71 - 49.7 = 21.3 \]
So, the price of the item now is $21.30.