Question 2.23: Express 0.01p as a decimal fraction of £1 ....

1p = £0.01

Therefore

0.01p = £0.0001

In mathematics a decimal format is often required for a value that is usually specified as a percentage in everyday usage. For example, interest rates are usually specified as percentages. A percentage format is really just another way of specifying a decimal fraction, e.g.

62 \%  =  \frac{ 62}{100}  =  0.62

and so percentages can easily be converted into decimal fractions by dividing by 100.