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Specifying relative position of text in a plot

What is the simplest way to specify the location of text in a scatter plot
(created using the plot function) in relative terms rather than specific x-y
coordinates? For example, rather than putting text at (300,49) on a plot,
how do I put it 1/10 of the way over from the y axis and 1/2 of the way up
from the x axis? Thanks.

Tom