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This article will give an overview of percentages. We will study the concept of percentages and learn about their implementation and utilisation in our day-to-day lives. We will look into why percentages are important to study. The percentage is a theoretical concept that we have been learning about since our early school days, but now we will learn to implement the concept in our lives.
What do you mean by percentage?
The word percentage is derived from the Latin word ‘percent’, which means ‘by a hundred’. Hence, percentage can be defined as any number represented as a fraction of 100.
The percentage can also be defined as any relative magnitude that shows the hundredth part of a quantity. In some areas, a percentage is also defined as parts per 100.
The percentage is generally represented by the % sign. The concept of the percentage is used in several ways to get a relative value of the alteration of different quantities. Since the percentage is a ratio of the same quantities or numbers, it does not have any unit.
Characteristics of the percentage
The characteristics of a percentage are given below:
It gives us a relative value of a quantity and not the absolute value.
It gives the 1/100 value of a quantity.
The formula to calculate the percentage is A/B=P/100, where A and B are numbers and P is the percentage.
It gives us the value of both increases and decreases in quantities like temperatures and market prices.
It can also be expressed as the tangent of the angle of inclination multiplied by 100.
Uses of percentages in real life
The percentage has a wide number of uses in real life. Let us discuss some of them in brief:
1. Percentages are used by businessmen to determine the amount of profit or loss they are making.
2. The concept of a percentage and its formulae are used to calculate interest rates charged by banks on different types of loans. It is also used to calculate the amount of interest paid by banks on fixed deposits.
3. To obtain the relative performance of a student in academics or any field.
4. Shops that offer discounts on various purchases calculate the final price of items using the calculations of percentages.
5. Calculating taxes like service taxes, value-added taxes, good taxes, and so on.
6. Percentages are also used to determine the winner of elections and the number of votes obtained by each candidate.
7. Percentages play a vital role in maintaining finances and financial markets.
8. Percentages are also used to determine the sports performances of certain players in consecutive matches, the batting average, and so on.
9. In a medical diagnosis, percentages are used to test the effectiveness of any medicine or treatment. It is also used to find the relative number of persons who benefited from a treatment and the number of people who did not recover.
10. Percentages are also used in determining the nutritional value of vitamins, carbohydrates, fats, proteins, and minerals.
11. During the Covid-19 pandemic scenario, percentages played a vital role in determining the number of cases in different countries and different states.
12. In the national economy, the percentage is used in calculating the national income, GDP growth rates, and more.
13. Percentages are used in determining factors like the oxygen rate and blood cell count in the human body.
14. Percentages play a vital role in determining stock market values.
15. Percentages are used to analyse big data within a shorter time span with more accuracy and precision.
Importance of percentages
The percentage has immense importance in our daily life as we have seen above.
Other important uses of percentages are:
Allowing us to control the workings of various institutes and organisations such as banks, schools, shops, and so on.
Percentages are of huge importance in the field of research, as it helps to compare the different outcomes of an observation.
The knowledge of percentages improves our lives in fields such as finance, academics, and the economy.
It also provides a better understanding of the world and market values.
Conclusion
In this article, we have defined percentages and learned the formula for finding out the percentage. We have addressed the various characteristics of percentages and learned that a percentage provides us with a relative value rather than an absolute value. We have also studied the uses of percentages in our daily life in all aspects from banks to markets.
