Can you please explain this interest income question?

Question

This question has to do with the division of mineral rights (royalties) from producing oil and gas wells.

Two individuals each owned a 1/40th interest in the mineral rights of several oil and gas wells. Both were receiving their 1/40th interest as income while they were living.

When these two people passed away, they both willed their 1/40 interest to three children. Each child was to received 1/3rd of the interest income of both of the previous owners.

My question: How much interest do these three people now own in the oil and gas wells?

Please express the answer as a fraction as a decimal number.

Thank you.

Almost forgot.....explain how you got the answser.

Answer 1

each child received 1/120 th of the interest

Answer 2

1/120 = 0.008333