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y-\frac{1}{24}=\frac{0.2}{8}
Divide both sides by 8.
y-\frac{1}{24}=\frac{2}{80}
Expand \frac{0.2}{8} by multiplying both numerator and the denominator by 10.
y-\frac{1}{24}=\frac{1}{40}
Reduce the fraction \frac{2}{80} to lowest terms by extracting and canceling out 2.
y=\frac{1}{40}+\frac{1}{24}
Add \frac{1}{24} to both sides.
y=\frac{3}{120}+\frac{5}{120}
Least common multiple of 40 and 24 is 120. Convert \frac{1}{40} and \frac{1}{24} to fractions with denominator 120.
y=\frac{3+5}{120}
Since \frac{3}{120} and \frac{5}{120} have the same denominator, add them by adding their numerators.
y=\frac{8}{120}
Add 3 and 5 to get 8.
y=\frac{1}{15}
Reduce the fraction \frac{8}{120} to lowest terms by extracting and canceling out 8.