In a far-off land three fish can be traded for two loaves of bread and a loaf of bread can be traded for four bags of rice. How many bags of rice is one fish worth?
$\text{(A)}\ \frac{3}{8} \qquad \text{(B)}\ \frac{1}{2} \qquad \text{(C)}\ \frac{3}{4} \qquad \text{(D)}\ 2\frac{2}{3} \qquad \text{(E)}\ 3\frac{1}{3}$
Let $f$ represent one fish, $l$ a loaf of bread, and $r$ a bag of rice. Then:
$3f=2l$, 
$l=4r$
Substituting $l$ from the second equation back into the first gives us $3f=8r$. So each fish is worth $\frac{8}{3}$ bags of rice, or $2 \frac{2}{3}\Rightarrow \boxed{D}$.