Final answer:
Diego's bike speed is 8 miles per hour.
Step-by-step explanation:
To find Diego's bike speed, we need to calculate the distance he travels in one hour. Since it takes Diego 1/24 of an hour to complete a lap on the circular bike track, he can complete 24 laps in one hour.
Given that the track is 1/3 mile long, we can multiply the number of laps (24) by the distance of one lap (1/3 mile) to find the total distance traveled in one hour:
Total distance = 24 laps x 1/3 mile per lap = 8 miles per hour