Simplify the Fraction: Converting 5/500 to Its Simplest Form

To solve the problem of converting the fraction $\frac{5}{500}$ into a decimal, we'll employ the following approach:

• Step 1: Simplify the fraction $\frac{5}{500}$.
• Step 2: Convert the simplified fraction to a decimal.
• Step 3: Verify the result through division.

Let's work through each step:

Step 1: Simplify the fraction:

The fraction $\frac{5}{500}$ can be simplified by dividing both the numerator and the denominator by their greatest common divisor, which is 5:
$\frac{5 \div 5}{500 \div 5} = \frac{1}{100}$.

Step 2: Convert the simplified fraction to a decimal:

$\frac{1}{100}$ is equivalent to 0.01 in decimal form.

Step 3: Verify the result by division:

Dividing 5 by 500 gives:

$5 \div 500 = 0.01$.

The division confirms that the decimal conversion is correct.

Thus, the value of $\frac{5}{500}$ in decimal form is $\mathbf{0.01}$.