Oh, I get it. I’m reading the z table wrong. It’s formatted differently than I’m used to–it is showing the percentage between z score and mean instead of percentage left of the z score.
.4992 means there is 49.92% between the z score and the mean, which means that there is only .08 outside, which means a total of .16% on both sides, which is much closer to 1/500 than to 1/100