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It is not particularly important to know the principle: knowing how and when to apply it is good enough. A postgrad degree in maths and 30 years in the profession and I did not even know what it meant until I saw this question and did a bit of research!

It is important because it enables you to rescale (rename) fractions which allows you to perform addition and subtraction.

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Q: Why is it important to know the fundamental principle of fractions?
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