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They are not equivalent. 0.07 is ten times smaller than 0.70 is.
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0.07 and 0.70 are equivalent because the value of each digit in a decimal depends on its position. In 0.07, the 7 is in the hundredths place, while in 0.70, the 7 is in the tenths place. Since there are no other digits after the decimal point, both numbers represent the same value: 7/100.
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