I have one circle with a known radius and center point. Based on this I need to find the point of tangency with respect to a second circle with an unknown Radius that must also be tangent to a line segment.
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That doesn't really help a lot; what I meant by "labeled" was that you would name the points and circles so you could talk explicitly about them, or at least identify them in your description in terms of the numbers in the diagram. I'll try to state what I think you are saying.
You are given a circle with radius 7 11/32", passing through the origin, whose center is at y = 5 9/16" (from which we can calculate x, so the circle is fully specified). It appears that this given circle also passes through (1 7/32, 7 157/256), so that it is in fact overspecified. Examining that point, it looks like 1 7/32 is really its y-coordinate, not x as you indicate. Also, because I don't find that this point lies on the circle, I'm wondering if the statement "arc center y = 5 9/16" might be giving the height as that far above the other point, rather than the actual y-coordinate, relative to the marked origin. Yes, that makes this point, with coordinates (7.61345, 1.21875) lie on the circle, so things are consistent. I'll suppose I've got that right.
You want to add in a circle whose center is at x = 14 1/2". I don't think you know the location of the point of tangency with the horizontal line, or where that line is. The only other thing you know is that it is tangent to the given circle. You want to find that point of tangency. Am I right?
I'll hold off on trying to work this out (which won't be hard) until you confirm my guesses.