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.

<p>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.</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers