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A 3/8ths 24 bolt has 24 threads per inch (TPI), and a 32 thousandths (0.032) hole that has been completely bottom tapped for 3/8ths 24 fastener will have 24 x .032 or 0.768 threads in it. And yes, that isn't even one complete turn of the bolt before it bottoms out.
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42/8, or 5 and 1 fourth
5/8 divided by 3 is equal to 5/24.
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