Company K has an annual budget for a certain project, and ~$\frac{1}{5}$~ of this budget was spent during the first quarter of the year.  If ~$\frac{1}{8}$~ of the remainder of the budget was spent during the second quarter, what fraction of the budget was left at the end of the second quarter?


~$\frac{7}{10}$~

~$\frac{31}{40}$~

~$\frac{27}{40}$~

~$\frac{3}{10}$~

~$\frac{91}{40}$~

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