Since no one has mentioned it yet there is a quick and dirty solution:
var decimal = eval(fraction);
Which has the perks of correctly evaluating all sorts of mathematical strings.
eval("3/2") // 1.5
eval("6") // 6
eval("6.5/.5") // 13, works with decimals (floats)
eval("12 + 3") // 15, you can add subtract and multiply too
People here will be quick to mention the dangers of using a raw eval but I submit this as the lazy mans answer.
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