A trick question: The obvious, but wrong answer is 1/414.
Actually 1/414 is called the harmonic mean of 1/313 and 1/515 - being the reciprocal of the average of the reciprocals.
To find the number halfway between aa and bb, calculate 1/2(a+b)12(a+b) ...
1/2(1/3+1/5) = 1/2(5/15+3/15) = 1/2(8/15) = 4/1512(13+15)=12(515+315)=12(815)=415
Note that to add the fractions 1/313 and 1/515 we first give them a common denominator 1515 by multiplying them by 5/555 and 3/333 respectively. Once we have a common denominator, then we can just add the numerators.