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I have a leaking faucet will this help fix it? Any suggestions how to fix it?

It probably has a washer that need to be changed.

Remove the cap on the handle, then remove the handle, and you will see the washer.
 
Whatever you do before you get in there to fool with it, turn the water off first. @Garnetgirl is right, it can be just a washer gone bad but also depends on the type of set up that you have.
 
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