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\frac{\frac{12}{2}}{4^{3}}
Multiply 4 and 3 to get 12.
\frac{6}{4^{3}}
Divide 12 by 2 to get 6.
\frac{6}{64}
Calculate 4 to the power of 3 and get 64.
\frac{3}{32}
Reduce the fraction \frac{6}{64} to lowest terms by extracting and canceling out 2.