To find the probability that a randomly placed point in the rectangle is inside the square, we will follow these steps:
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Calculate the area of the rectangle. \[ \text{Area of rectangle} = \text{length} \times \text{width} = 8, \text{inches} \times 12, \text{inches} = 96, \text{square inches} \]
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Calculate the area of the square. \[ \text{Area of square} = \text{side}^2 = 4, \text{inches} \times 4, \text{inches} = 16, \text{square inches} \]
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Calculate the probability that a point is in the square. The probability \( P \) that a point randomly chosen in the rectangle lies within the square is given by the ratio of the area of the square to the area of the rectangle: \[ P = \frac{\text{Area of square}}{\text{Area of rectangle}} = \frac{16}{96} \]
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Simplify the fraction. \[ P = \frac{16}{96} = \frac{1}{6} \approx 0.1667 \]
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Round to the nearest hundredth. \[ P \approx 0.17 \]
Thus, the probability that a point placed randomly in the figure is inside the square is \( \boxed{0.17} \).