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Since 4.75 is already a decimal, there is no such thing as an equivalent decimal.

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Not quite! Although it may also be used to indicate a higher degree of accuracy, 4.750, 4.7500 etc are equivalent decimals. Another equivalent decimal is 4.74999... (Dedekind).

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Q: What is an equivalent decimal for 4.75?
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What is 475 percent as a decimal?

475% = 4.75


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4.75 is a fraction. It is a fraction in decimal form rather than in the form of a ratio. However, that does not stop it being a fraction. And, being a decimal, there is no simpler form. Its rational equivalent is 475/100 which can be simplified to 19/40.