3 \frac{1}{4} \%$ Of $\$ 500$ Is: A. $\$ 1.62$B. $\$ 15.52 C. $$ 16.00$D. $$ 16.25$
Understanding the Problem
To solve this problem, we need to calculate 3 1/4% of $500. This involves converting the percentage to a decimal and then multiplying it by the given amount.
Converting the Percentage to a Decimal
First, let's convert 3 1/4% to a decimal. To do this, we need to convert the fraction 1/4 to a decimal. We can do this by dividing the numerator (1) by the denominator (4), which gives us 0.25.
Next, we need to convert the whole number 3 to a decimal. Since 3 is equal to 3.00, we can add this to 0.25 to get 3.25.
Now, we need to convert 3.25 to a percentage by dividing it by 100. This gives us 3.25/100 = 0.0325.
Multiplying the Decimal by the Given Amount
Now that we have the decimal equivalent of 3 1/4%, we can multiply it by the given amount of $500.
To do this, we simply multiply 0.0325 by 500, which gives us:
0.0325 x 500 = 16.25
Conclusion
Therefore, 3 1/4% of $500 is $16.25.
Why This Problem is Important
This problem is important because it demonstrates the importance of understanding percentages and how to convert them to decimals. This skill is essential in many real-world applications, such as finance, business, and economics.
Real-World Applications
In the real world, understanding percentages and how to convert them to decimals is crucial in many areas, such as:
- Finance: When calculating interest rates, investment returns, and loan payments.
- Business: When determining profit margins, sales taxes, and pricing strategies.
- Economics: When analyzing economic data, such as inflation rates and GDP growth.
Tips and Tricks
Here are some tips and tricks to help you solve percentage problems like this one:
- Always convert the percentage to a decimal by dividing it by 100.
- Multiply the decimal by the given amount to find the result.
- Use a calculator to check your work and ensure accuracy.
- Practice, practice, practice! The more you practice, the more comfortable you'll become with solving percentage problems.
Common Mistakes to Avoid
Here are some common mistakes to avoid when solving percentage problems like this one:
- Forgetting to convert the percentage to a decimal.
- Multiplying the percentage by the given amount instead of the decimal.
- Not checking your work with a calculator.
- Not practicing enough to become comfortable with solving percentage problems.
Conclusion
In conclusion, calculating 3 1/4% of $500 is a simple problem that requires converting the percentage to a decimal and then multiplying it by the given amount. By following these steps and practicing regularly, you'll become more comfortable with solving percentage problems and be able to apply this skill in many real-world applications.
Q: What is a percentage?
A: A percentage is a way of expressing a value as a fraction of 100. It is often used to represent a proportion or a ratio.
Q: How do I convert a percentage to a decimal?
A: To convert a percentage to a decimal, divide the percentage by 100. For example, to convert 25% to a decimal, divide 25 by 100, which gives you 0.25.
Q: How do I calculate a percentage of a given amount?
A: To calculate a percentage of a given amount, multiply the decimal equivalent of the percentage by the given amount. For example, to calculate 25% of $100, multiply 0.25 by $100, which gives you $25.
Q: What is the difference between a percentage and a proportion?
A: A percentage is a way of expressing a value as a fraction of 100, while a proportion is a statement that two ratios are equal. For example, 25% is equal to 1/4, which is a proportion.
Q: How do I calculate a percentage increase or decrease?
A: To calculate a percentage increase or decrease, first find the difference between the original and new values. Then, divide the difference by the original value and multiply by 100 to get the percentage change.
Q: What is the formula for calculating a percentage?
A: The formula for calculating a percentage is:
Percentage = (Value / Original Value) x 100
Q: How do I calculate a percentage of a percentage?
A: To calculate a percentage of a percentage, first convert both percentages to decimals. Then, multiply the two decimals together and multiply the result by the original value.
Q: What is the difference between a percentage and a rate?
A: A percentage is a way of expressing a value as a fraction of 100, while a rate is a measure of how much something changes over a given period of time. For example, a 10% interest rate is different from a 10% increase in value.
Q: How do I calculate a percentage of a mixed number?
A: To calculate a percentage of a mixed number, first convert the mixed number to an improper fraction. Then, convert the percentage to a decimal and multiply the two values together.
Q: What is the formula for calculating a percentage of a mixed number?
A: The formula for calculating a percentage of a mixed number is:
Percentage = (Mixed Number / 100) x (Improper Fraction)
Q: How do I calculate a percentage of a decimal?
A: To calculate a percentage of a decimal, first convert the decimal to a fraction. Then, convert the percentage to a decimal and multiply the two values together.
Q: What is the formula for calculating a percentage of a decimal?
A: The formula for calculating a percentage of a decimal is:
Percentage = (Decimal / 100) x (Fraction)
Q: Can I use a calculator to calculate percentages?
A: Yes, you can use a calculator to calculate percentages. In fact, calculators can make it easier to calculate percentages quickly and accurately.
Q: What are some common percentage calculations?
A: Some common percentage calculations include:
- Calculating a percentage of a given amount
- Calculating a percentage increase or decrease
- Calculating a percentage of a percentage
- Calculating a percentage of a mixed number
- Calculating a percentage of a decimal
Q: Why is it important to understand percentages?
A: Understanding percentages is important because it can help you make informed decisions in many areas of life, such as finance, business, and economics.
Q: How can I practice calculating percentages?
A: You can practice calculating percentages by using online calculators, working with real-world examples, and solving problems in a textbook or online resource.
Q: What are some resources for learning about percentages?
A: Some resources for learning about percentages include:
- Online calculators and converters
- Textbooks and online resources
- Real-world examples and case studies
- Online tutorials and videos
- Practice problems and quizzes