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Joann eats 1/4 of a peach pie and divides the remainder of the pie among her four friends. What fraction of the pie does each of her friends receive?

A 3/16

After eating 1/4 of a pie, what remains is 1-1/4= 3/4. If four friends share the remainder, then each receives 3/4 * 1/4=3/16.