Probability of Arts Preference or No Preference

A local high school conducted a survey asking students about their favorite extracurricular activities. The survey results indicated that 40% of the students preferred sports, 25% preferred arts, 20% preferred music, and the remaining 15% had no preference. The total number of students surveyed was 500. If a student is selected at random, what is the probability that the selected student either has a preference for arts or does not prefer any of the listed activities?

Express your answer as a fraction in simplest form.