First, let's simplify the equation by distributing the 8 to both terms inside the parentheses:

5/8y 8 - 2 3/4 8 = 3

This gives us:

5y - 22 = 3

Add 22 to both sides to isolate y:

5y = 25

Divide by 5 on both sides to solve for y:

y = 5

Therefore, the solution to the equation is y = 5.