Evaluation of Algebraic Expressions

\begin{equation*}
\begin{split}
&\frac{4\cdot 1 \cdot 2 - \frac{1}{4}}{\cancel {4}\cdot 2 \cdot \frac{1}{\cancel {4}}}\\\\
&\frac{8 - \frac{1}{4}}{2}\\\\
&\frac{\frac{32}{4} - \frac{1}{4}}{2}\\\\
&\frac{\frac{31}{4}}{2}\\\\
&\frac{31}{8}\\\\
&3\frac{7}{8}
\end{split}
\end{equation*}