Well, isn't that a happy little math question! One eighth of 480 is like taking a big, beautiful painting and dividing it into 8 equal parts. Each part would be 60, so you have 60 when you divide 480 by 8. Just imagine all the wonderful things you can create with that knowledge!
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One eighth plus one eighth is one fourth.
480/4 = 120
One minus one eighth is seven eighths.
Neither. One eighth is 0.125
three ounces, or three-eighth of a cup