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A substance's essentially tells you how many grams of each constituent element you get per $"100 g"$ of said substance.

In this case, a percent composition of $69.94%$ means that for every $"100 g"$ of iron(III) oxide, $"Fe"_2"O"_3$, you get $"69.94 g"$ of iron.

You can thus use this known composition as a conversion factor to take you from mass of iron(III) oxide to mass of iron or vice versa.

Therefore, in order to have $"71.6 g"$ of iron, you need to have

$71.6 color(red)(cancel(color(black)("g Fe"))) * overbrace(("100 g Fe"_2"O"_3)/(69.94color(red)(cancel(color(black)("g Fe")))))^(color(blue)("known percent composition")) = color(green)(bar(ul(|color(white)(a/a)color(black)("102 g Fe"_2"O"_3)color(white)(a/a)|)))$

The answer is rounded to three , the number of sig figs you have for the mass of iron.

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