Step 1 :Define the probabilities: \(P(A) = 0.005\), \(P(B|A) = 0.80\), and \(P(B|\neg A) = 0.08\).
Step 2 :Calculate the probability of not having the virus, \(P(\neg A) = 1 - P(A) = 0.995\).
Step 3 :Calculate the probability of testing positive, \(P(B) = P(B|A) \cdot P(A) + P(B|\neg A) \cdot P(\neg A) = 0.0836\).
Step 4 :Calculate the probability that a person has the virus given that they have tested positive using Bayes' theorem: \(P(A|B) = \frac{P(B|A) \cdot P(A)}{P(B)}\).
Step 5 :Round the result to the nearest fourth decimal place: \(P(A|B) = 0.0478\).
Step 6 :Final Answer: The probability that a person has the virus given that they have tested positive is \(\boxed{0.0478}\) or \(\boxed{4.78\%}\).