When spelling out a fraction, you will use a hyphen between the words used for the numerator and the denominator. For example, 2/20 will be written out as two-twentieths. 2/6 will be written out as two-sixths. This eliminates your third and fourth options.
All-American is an example of a compound adjective. This is used to describe a noun with two words that are combined into one descriptive phrase. Usually, a compound adjective doesn't need a dash if it comes after the noun that it's describing, but because it comes before "festival," putting a dash between "all" and "American" helps it make more sense when read.
Your answer will be the first option. Hope this helped you out! :-)
