Regardless of how many things there are, the words "the latter" always refers to the last one mentioned.
This may not always be the last one in the series, or in a sequence.
one half
Firm
The president and the vice president of the US are elected for four year terms. Elections are held every four years.
One term as President is four years, with a limit of two terms.
open work
Asta
Cows do not have four stomachs, they only have one. To answer the latter question, no.
one-fourth (one over four)
the four rooms stand for the four terms FDR served as president, while leading the Americans out of the Depression.
Only four terms? That's the most any one president has served. Franklin Delano Roosevelt served three terms, starting in 1933, and died during his fourth term in 1945. Every other President has only served one or two terms.
It limits the presidency to two four-year terms.
4/81 is the lowest you can simplify it.