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Given a large repository of 8-bit RGB images (24-bit in total) at 1600 x 1200 pixel dimensions, what is the ratio of storage reduction if

Given a large repository of 8-bit RGB images (24-bit in total) at 1600 x 1200 pixel dimensions, what is the ratio of storage reduction if we store all the images as 640 x 480 pixel grayscale images?

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