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Which shows the correct simplification of product of powers?

78 · 7-4 = 78· (–4) = 7–32
78 · 7–4 = 78 ÷ (–4) = 7–2
78 · 7–4 = 78 + (–4) = 74
78 · 7–4 = 78 - (–4) = 712