1. The problem is to find $\frac{1}{4}$ of 240. 2. The formula to find a fraction of a number is: $$\text{Fraction of a number} = \text{Fraction} \times \text{Number}$$ 3. Here, the fraction is $\frac{1}{4}$ and the number is 240. 4. Multiply $\frac{1}{4}$ by 240: $$\frac{1}{4} \times 240 = \frac{1 \times 240}{4} = \frac{240}{4}$$ 5. Simplify the fraction by dividing numerator and denominator by 4: $$\frac{\cancel{240}^{60}}{\cancel{4}^1} = 60$$ 6. So, $\frac{1}{4}$ of 240 is 60.