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This lecture covers the concept of string formatting in Python, focusing on including variable values in strings using f-strings and specifying formatting options such as precision and alignment. The instructor explains the syntax and usage of f-strings, format specifiers, and common formatting types like 'f', 'd', 'c', and 'e'. Detailed explanations are provided on precision, alignment, and fill characters. Examples are given on converting temperatures and speeds, demonstrating how to control the display format by specifying the length of the field, precision, and alignment. The lecture concludes with a demonstration of converting lengths and displaying them in scientific notation.