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\frac{16}{24}-\frac{15}{24}
Least common multiple of 3 and 8 is 24. Convert \frac{2}{3} and \frac{5}{8} to fractions with denominator 24.
\frac{16-15}{24}
Since \frac{16}{24} and \frac{15}{24} have the same denominator, subtract them by subtracting their numerators.
\frac{1}{24}
Subtract 15 from 16 to get 1.