Решение:
\[ 1\frac{1}{3} \times \frac{7}{8} = \frac{4}{3} \times \frac{7}{8} = \frac{1}{3} \times \frac{7}{2} = \frac{7}{6} \]
\[ 4\frac{8}{15} - \frac{7}{6} = \frac{68}{15} - \frac{7}{6} = \frac{68 \times 2 - 7 \times 5}{30} = \frac{136 - 35}{30} = \frac{101}{30} = 3\frac{11}{30} \]
Ответ: \[ 3\frac{11}{30} \]