The decimal equivalent of the fraction $\frac{1}{2}$ is 0.5.

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Here are 5 related questions you might find interesting:

1. What is the decimal equivalent of $\frac{3}{4}$?
2. How do you convert a repeating decimal back into a fraction?
3. What is the decimal equivalent of $\frac{5}{8}$?
4. How can you express $0.5$ as a percentage?
5. What is the simplest way to find the decimal equivalent of a fraction?

Tip: For simple fractions like $\frac{1}{2}$, it’s helpful to memorize their decimal equivalents for quick reference.