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\left(\frac{21}{24}+\frac{40}{24}\right)\times \frac{2}{8}
Least common multiple of 8 and 3 is 24. Convert \frac{7}{8} and \frac{5}{3} to fractions with denominator 24.
\frac{21+40}{24}\times \frac{2}{8}
Since \frac{21}{24} and \frac{40}{24} have the same denominator, add them by adding their numerators.
\frac{61}{24}\times \frac{2}{8}
Add 21 and 40 to get 61.
\frac{61}{24}\times \frac{1}{4}
Reduce the fraction \frac{2}{8} to lowest terms by extracting and canceling out 2.
\frac{61\times 1}{24\times 4}
Multiply \frac{61}{24} times \frac{1}{4} by multiplying numerator times numerator and denominator times denominator.
\frac{61}{96}
Do the multiplications in the fraction \frac{61\times 1}{24\times 4}.