What does "interpret the meaning of the quotient in terms of the two fractions given" mean?

If f(x)=3x+1 and f^-1=x-1/3, then f^-1(7)=

Ijust need to see how to do this. so you don’t have to answer all of them just a step by step explanation of one.

The expression 1.01*1.005(^t) gives the amount of money, in thousands of dollars, in carter's savings account (t) years after he opens it. what does 1.01 represent in this expression?