Question 14407
  
   2/3 rd of the profits is to be divided in 8 equal parts. So we have to divide 2/3 rd of profits by '8' and not '1/8' as you have stated.

For division, we have to take the dividend as it is and to be multiplied by
the multiplicative inverse of the divisor.  Here the divisor is 8 i.e.8/1.
Multiplicative inverse of 8 is = 1/8.  So now, multiply the dividend 2/3 by 
1/8.

      2/3 x 1/8  =  2/24  = 1/12

So 1/12th of the fraction of total amount will be paid to each of the 8 managers.