If it costs $75 to install 40 feet of fencing, how much does it cost to fence a rectangular garden that measures 12 feet by 16 feet?

P = 2L + 2W

P = 2(12) + 2(16)

P = 24 + 32

P = 56 feet

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75/40 = 1.875 per foot

1.875 * 56 = ?