Solution:
1. Express 0.24 as a fraction with a denominator of 100:
\frac{0.24}{1} = \frac{24}{100}
2. Simplify the fraction by finding the greatest common divisor (GCD) of 24 and 100:
- The prime factors of 24 are 2^3 \times 3.
- The prime factors of 100 are 2^2 \times 5^2.
- The GCD is 2^2 = 4.
3. Divide both the numerator and the denominator by the GCD:
\frac{24 \div 4}{100 \div 4} = \frac{6}{25}
4. The fraction in lowest terms is:
\frac{6}{25}