Crossword Genius

I go in 50-50; say why father’s put in 500 floating leaves (4, 4)

Ross

I believe the answer is:

lily pads

I'm a little stuck... Click here to teach me more about this clue!

'floating leaves' is the definition.
(I've seen this before)

'i go in 50-50 say why father's put in 500' is the wordplay.
'go in' is an insertion indicator.
'50 50 say why' becomes 'lly' (I can't explain this - if you can you should believe this answer much more).
'father's' becomes 'pa's' (pa can mean dad or father).
'put in' is an insertion indicator (instruction to solver).
'500' becomes 'D' (Roman numeral for 500).
'i' inserted inside 'lly' is 'lily'.
'pas' going around 'd' is 'pads'.
'lily'+'pads'='LILY PADS'

Can you help me to learn more?

(Another definition for lily pads that I've seen is " Floating leaves of a water plant".)

I've seen this clue in the Sydney Morning Herald.
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