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\frac{2}{120}+\frac{3}{120}
Least common multiple of 60 and 40 is 120. Convert \frac{1}{60} and \frac{1}{40} to fractions with denominator 120.
\frac{2+3}{120}
Since \frac{2}{120} and \frac{3}{120} have the same denominator, add them by adding their numerators.
\frac{5}{120}
Add 2 and 3 to get 5.
\frac{1}{24}
Reduce the fraction \frac{5}{120} to lowest terms by extracting and canceling out 5.