Company A has an annual budget for a certain project, and 1/4 of this budget was spent during the first quarter of the year. If 1/8 of the remainder of the budget was spent during the second quarter, what fraction of the budget was left at the end of the second quarter?
Choices:
A) 5/8
B) 13/16
C) 21/32
D) 37/48
E) 53/64
Let x be the company budget.   At the end of the first quarter, the remaining budget was (3/4)x.   At the end of the second quarter, the remaining budget was (7/8)(3/4)x = (21/32)x.   The answer is 21/32.
<result>C</result>
Company A has an annual budget for a certain project, and 1/4 of this budget was spent during the first quarter of the year. If 1/8 of the remainder of the budget was spent during the second quarter, what fraction of the budget was left at the end of the second quarter?