A fraction indicates division. For example 3/4 is the same as 3 divided by 4.
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The mathematical chance that something will happen is called "probability." It quantifies the likelihood of an event occurring, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty. Probability can also be represented as a percentage or a fraction, reflecting the ratio of favorable outcomes to the total number of possible outcomes.
division
Divide (by)
"out of"
Yes, that is a perfectly valid mathematical operation.