Simplify: $2\frac{1}{2} + 3\frac{1}{3} \div 1\frac{2}{3} - 1\frac{1}{4}$

$3\frac{1}{3} \div 1\frac{2}{3} = \frac{10}{3} \div \frac{5}{3} = 2$. So the expression becomes $2.5 + 2 - 1.25 = 3.25 = \frac{13}{4}$.