1. The problem is to simplify the fraction $\frac{2}{4}$. 2. The formula for simplifying fractions is to divide the numerator and denominator by their greatest common divisor (GCD). 3. Find the GCD of 2 and 4, which is 2. 4. Divide numerator and denominator by 2: $$\frac{\cancel{2}}{\cancel{4}} = \frac{1}{2}$$ 5. So, $\frac{2}{4}$ simplifies to $\frac{1}{2}$. 6. This means the fraction $\frac{2}{4}$ is equivalent to $\frac{1}{2}$, which is its simplest form.