To find the fraction of cars on the lot that are both gray and electrically powered, we can use the information given in the problem:
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First, we need to determine what fraction of the cars are gray. According to the problem, \( \frac{2}{5} \) of the cars are gray.
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Next, we find out what fraction of the gray cars are electrically powered. The problem states that \( \frac{1}{3} \) of the gray cars are electrically powered.
Now, to find the fraction of the total cars that are both gray and electrically powered, we can multiply these two fractions together:
\[ \text{Fraction of cars that are both gray and electrically powered} = \left( \frac{2}{5} \right) \times \left( \frac{1}{3} \right) \]
Next, we multiply the numerators and the denominators:
\[ \frac{2 \times 1}{5 \times 3} = \frac{2}{15} \]
Thus, the fraction of the cars on the lot that are both gray and electrically powered is:
\[ \boxed{\frac{2}{15}} \]