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\frac{480.55}{500}
Multiply 5000 and 0.1 to get 500.
\frac{48055}{50000}
Expand \frac{480.55}{500} by multiplying both numerator and the denominator by 100.
\frac{9611}{10000}
Reduce the fraction \frac{48055}{50000} to lowest terms by extracting and canceling out 5.