Let's first define some events:
A: The person has COVID-19.
B: The test result is positive.
Using the information provided, we can calculate the probability of a correct diagnosis using Bayes' theorem:
P(A|B) = P(B|A) * P(A) / [P(B|A) * P(A) + P(B|not A) * P(not A)]
where P(B|A) is the probability of a positive test result given that the person has COVID-19, P(A) is the prevalence of COVID-19 in the population (0.083 or 8.3%), P(B|not A) is the probability of a positive test result given that the person does not have COVID-19 (false positive rate, 0.05 or 5%), and P(not A) is the complement of P(A) (0.917 or 91.7%).
Plugging in the values, we get:
P(A|B) = (0.98 * 0.083) / [(0.98 * 0.083) + (0.05 * 0.917)]
= 0.6037 or 60.37%
Therefore, the probability that the diagnosis is correct is 60.37%, rounded to the nearest hundredth percent.