You cannot write it in any shorter form since the above number indicated a precision to 7 decimal places. Any shorter form would represent a less precise number.
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Anyone can write it in fractional form!
You write 54 thousandths in decimal form as: 0.054
7.50 is in numeric form. To write it as a mixed number, you could write 7 5/10 or 7 1/2 in simplest form.
That is the standard form.
That IS the decimal form.