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An 8-bit string of data used to represent alphanumeric characters and simple mathematical operations is commonly referred to as a byte. The ASCII (American Standard Code for Information Interchange) encoding scheme uses 7 bits for character representation, allowing for 128 unique characters, while the 8th bit can be used for parity or additional control. This enables the representation of letters, digits, punctuation, and basic mathematical symbols. For example, the character 'A' is represented in binary as 01000001.

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