The value of 31/5 ÷ 41/2 of 51/3 + 1/8 ÷ 1/2 of 1/4 - 1/4 ( 1/2 ÷ 1/8 × 1/4 ) is:

Answer: Option D

$$\begin{array}{rl}& 3\frac{1}{5}÷4\frac{1}{2}\text{ of }5\frac{1}{3}+\frac{1}{8}÷\frac{1}{2}\text{ of }\frac{1}{4}-\frac{1}{4}\left(\frac{1}{2}÷\frac{1}{8}\times \frac{1}{4}\right)\\ & =3\frac{1}{5}÷\left(\frac{9}{2}\times \frac{16}{3}\right)+\frac{1}{8}÷\frac{1}{8}-\frac{1}{4}\\ & =\frac{16}{5}\times \frac{1}{24}+1-\frac{1}{4}\\ & =\frac{2}{15}+\frac{3}{4}\\ & =\frac{8+45}{60}\\ & =\frac{53}{60}\end{array}$$