book Maths Puzzle Numerical Ability

what is the answer with a positive 2 to the -3rd power

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I have been unable to solve this word problem.

" With the major options package and destination charge, a sports car costs $24,416. The base price of the car was ten times the p I need help with a question, Find the value of y in the equation

3
---- =8
y-2

I think the answer is y= 1 5/8

Am I right, Can someone please let me know?