calculate the exact value of 4 1/2- 2/3 divided by 4 1/8 giving answer as fraction in lowest term.

To simplify this expression, first convert all the mixed numbers to improper fractions.

4 1/2 = 9/2
2/3 = 2/3
4 1/8 = 33/8

Now, perform the division:

(9/2 - 2/3) ÷ (33/8)
= ((27 - 4) / 6) ÷ (33/8)
= (23/6) ÷ (33/8)

To divide fractions, multiply by the reciprocal:

= (23/6) * (8/33)
= (23 * 8) / (6 * 33)
= 184 / 198

Therefore, 4 1/2 - 2/3 divided by 4 1/8 equals 184/198, which can be simplified to 92/99.