Yes.
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probability of 75 percent = 3/4
It can be, if desired. Probability is a number between 0 and 1. If you want to express that as a percent, simply say between 0% and 100% instead.
Yes decimals are used in probability; also percent and odds.
It is a probability; probability of side effect is .15 and probability of no side effect is .85.
An event that will definitely happen is an event with 100% probability.