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'.500' refers to a team's winning percentage. 'Below .500' means the team has a winning percentage less than .500 (has lost more games than they have won) and 'above .500' means the team has a winning percentage above .500 (has won more games than they have lost).

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Q: What is above or below 500 in baseball?
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What is the sum of all the multiples of 3 and 5 below 500?

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