The percent composition (%) of iron (Fe+3) in Fe2O3 equals:
Fe % = Atomic mass of Fe / (Molecular weight of Fe2O3)
∵ Atomic mass of Fe = 55.8 g/mol
and, the atomic mass of Oxygen is 16 g/mol
∴ percent of iron in Fe2O3 = [(2*55.8) / ((3*16) + (2*55.8))] *100 = 69.92 % >>> (1)
And if the mass of the iron is 58.7 g
∴ mass of Fe2O3 = 58.7 * 100 / 69.92 = 83.95 g >>>> (2)
So, from (2), the mass of iron (III) oxide is 83.95 g
and, from (1), the iron III oxide is 69.92 % iron by mass not 69.94%