1. **State the problem:** Calculate $700 \div 42,000$. 2. **Formula used:** Division of two numbers is given by $$\text{Quotient} = \frac{\text{Dividend}}{\text{Divisor}}$$ 3. **Apply the formula:** $$\frac{700}{42,000}$$ 4. **Simplify the fraction:** Both numerator and denominator can be divided by 100. $$\frac{\cancel{700}^{7}}{\cancel{42,000}^{420}}$$ 5. **Further simplify:** Both numerator and denominator can be divided by 7. $$\frac{\cancel{7}^{1}}{\cancel{420}^{60}}$$ 6. **Final simplified fraction:** $$\frac{1}{60}$$ 7. **Convert to decimal:** $$\frac{1}{60} = 0.016\overline{6}$$ **Answer:** $700 \div 42,000 = \frac{1}{60} \approx 0.0167$.