There can be no such thing as a nearest fraction since, given any fraction, it is always possible to find a fraction that is nearer.
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The answer depends on which fractions you consider as benchmarks.
You round to the nearest whole number.
Equivalent fractions are fractions that are equal. So, 1/2 and 2/4 are equivalent.
There are common fractions, improper fractions and equivalent fractions
0.5 = 1/2 or 2/4 as fractions