Convert Feet and inches to decimal feet

I have a spread sheet that was filled out prior to me getting it and needing to convert all the data into usable information. The cells are filled out like this: 24' - 8 3/16" All the data is spaced out the same and with the ' symbol after the feet, a space before and after the - , and 2 spaces between the inch and fraction of an inch.

I would like to convert these values into decimal feet. Also the data is in rows not columns, so I would like the conversion to be shown in the cell below.

Any help would be greatly appreciated,

Thanks in advanced

Formula:

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assuming your data is in A1

If that's not a good reason for the US to go metric, I don't know what is lol

Works like a charm.... Thanks so much for the quick reply. Now the blister on my finger from punching the calculator will heal.

Sorry about the long formula, but it's the only way I could work out how to do it. And yes, the metric system is a lot easier.

Go with icestationzbra's solution - a lot more refined than mine.