Final answer:
In the number 124,576.83, the digit 7 is in the thousands place, indicating its position within the number's hierarchy of values.
Step-by-step explanation:
In the number 124,576.83, the digit 7 is in the thousands place. Place value in a number indicates the value of a digit based on its position. To understand this better, let's break down the number: In 124,576.83, 1 is in the hundred thousands place, 2 is in the ten thousands place, 4 is in the thousands place, 5 is in the hundreds place, 76 is in the tens and ones places respectively, and after the decimal point, 83 is in the tenths and hundredths places respectively.