Understanding Percentages in Savings Accounts

Percentage is a way of expressing a number as a fraction of 100. It is used to calculate interest on savings and loans, as well as to calculate academic grades. For example, if a bank offers 3% interest on savings, it means that for every $100 deposited, $3 will be earned in interest over a year. Similarly, if a student scores 78% on a test, it means they answered 78 out of 100 questions correctly.

Percentages can be expressed as decimals or fractions. For example, 0.6% is equivalent to 0.006 as a decimal and 6/100 as a fraction. Similarly, 0.25% is equivalent to 0.0025 as a decimal and 25/10000 as a fraction. This relationship allows for easy conversion between percentages, decimals, and fractions.

Academic grades are often calculated using percentages. For example, if a student scores 78% on a test, it means they answered 78 out of 100 questions correctly. This percentage is then used to determine the student's overall cumulative grade point average (GPA) and academic standing.

The statement means that percentages are unitless and do not have any specific dimension. Percentages are simply a way of expressing a number as a fraction of 100, without any associated units. This makes percentages a dimensionless quantity.

The percentage formula is used to calculate the quantity or percentage of anything in terms of 100. It is expressed as: $\text{Percentage} = \frac{\text{Part}}{\text{Whole}} \times 100$. This formula allows for the calculation of percentages based on the relationship between a part and the whole.