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\frac{99.5}{120\times 100}
Express \frac{\frac{99.5}{120}}{100} as a single fraction.
\frac{99.5}{12000}
Multiply 120 and 100 to get 12000.
\frac{995}{120000}
Expand \frac{99.5}{12000} by multiplying both numerator and the denominator by 10.
\frac{199}{24000}
Reduce the fraction \frac{995}{120000} to lowest terms by extracting and canceling out 5.