To find an equivalent ratio in simplest terms, we need to simplify the given ratio by dividing both parts of the ratio by their greatest common divisor (GCD). In this case, the GCD of 24 and 16 is 8. By dividing both numbers by 8, we get 24 ÷ 8 = 3 and 16 ÷ 8 = 2. Therefore, the equivalent ratio in simplest terms is 3:2.