Usually $$\frac{a}{\frac{b}{c}} = \frac{ac}{b}$$ i.e. $b/c$ is seen as the denominator, and $a$ is the numerator.
If you have $a/b/c/d$, what do you choose to take as the denominator? $$\frac{b}{\frac{c}{d}} , \frac{c}{d},\text{ or } d\text{?}$$ and why?
And what about for $a/b/c/d/e$?