500 millilitre is half (1/2) of 1 litre.
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1 litre = 1000 millilitre so the fraction is 10/1000 = 0.01
It is 500/1000. You can simplify this but it makes little sense to do so if you want to add other fractions of a litre to this one.
1/1000
500/1
It is 500/1 metres.