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The result is \( \frac{8}{3} \) or approximately 2.67.
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First, let's find \( \frac{1}{3} \) of 23. Dividing 23 by 3 gives us approximately 7.67. Now, we'll subtract 5 from this result. So, \( 7.67 - 5 = 2.67 \). Thus, \( \frac{1}{3} \) of 23 minus 5 equals approximately 2.67.