1. The problem is to convert 12 ounces to pounds using the conversion rate 16 ounces = 1 pound. 2. The formula to convert ounces to pounds is: $$\text{pounds} = \frac{\text{ounces}}{16}$$ 3. Substitute 12 ounces into the formula: $$\text{pounds} = \frac{12}{16}$$ 4. Simplify the fraction by dividing numerator and denominator by their greatest common divisor 4: $$\text{pounds} = \frac{\cancel{12}^3}{\cancel{16}^4} = \frac{3}{4}$$ 5. Therefore, 12 ounces is equal to $\frac{3}{4}$ pounds or 0.75 pounds.