Simplify Each of the Following $\left(\frac{7}{16}+\frac{3}{8}\right)-\left(\frac{1}{2}\right)^{2}$

Short Answer

Simplify each of the following. Use the order of operations as needed.
- $\left(\frac{7}{16}+\frac{3}{8}\right)-\left(\frac{1}{2}\right)^{2}$