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\frac{1}{4}\times \frac{1}{8}
Reduce the fraction \frac{3}{24} to lowest terms by extracting and canceling out 3.
\frac{1\times 1}{4\times 8}
Multiply \frac{1}{4} times \frac{1}{8} by multiplying numerator times numerator and denominator times denominator.
\frac{1}{32}
Do the multiplications in the fraction \frac{1\times 1}{4\times 8}.