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The number of possible standard automobile license plates in a country with a one digit number, three letters, and three one digit numbers can be determined using the accounting principle. It involves seven independent events - selecting the first one digit number, three letters, and the remaining one digit numbers. These events are denoted as D1, L1, L2, L3, D2, D3, and D4. By calculating the number of ways each event can occur and multiplying them together, we can determine the total number of different standard plates possible in this system.