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Chapter 1: Problem 2

Tomika owns \(\frac{3}{5}\) of a law partnership. What percent of the partnership does she own?

Short Answer

Expert verified
Tomika owns 60% of the law partnership.

Step by step solution

01

Convert the fraction to a decimal

To convert \(\frac{3}{5}\) to a decimal, divide 3 by 5 using a calculator. This will give you a decimal value of 0.6.
02

Convert the decimal to a percentage

To convert the decimal number 0.6 to a percentage, multiply it by 100. This is done because there are 100 percentage points in every whole. In this case, 0.6 * 100 = 60. Thus, the decimal 0.6 is equivalent to 60%.
03

Presentation of the final answer

The final step is to present the answer. After converting the fraction \(\frac{3}{5}\) to a decimal and then to a percentage, it was found that \(\frac{3}{5}\) is the same as 60%. Therefore, Tomika owns 60% of the law partnership.

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

Fraction Conversion
Fractions are a way to express numbers that are not whole. They have two parts: the numerator, which is the top number, and the denominator, the bottom number. For example, in the fraction \(\frac{3}{5}\), `3` is the numerator and `5` is the denominator. To convert a fraction to a decimal, you need to divide the numerator by the denominator. This can often be done quickly using a calculator, which is especially helpful for more complex fractions. When you divide `3` by `5`, you perform the operation \(3 \div 5\), which equals `0.6`.
  • Step-by-step: Identify the numerator and denominator.
  • Divide the numerator by the denominator.
  • The result is the decimal equivalent of the fraction.
Always remember, understanding the division process in fractions aids in converting them correctly and effectively.
Decimal Conversion
Decimals are another way to represent numbers. They are particularly useful when you need to express parts of whole numbers using powers of ten. The decimal `0.6` comes from dividing `3` by `5`. A helpful aspect of decimals is how they relate to percentages. Moving between these two involves simple multiplication or division by 100.
  • To convert a decimal to a percentage, you multiply the decimal by `100`.
  • The decimal `0.6` becomes `60` when multiplied by `100`, effectively shifting the decimal point two places to the right.
  • This shift transforms the fractional part into a percentage, which is often easier to understand and compare.
Keep in mind, getting comfortable with these conversions will make other areas of math much easier.
Percentage Calculation
Calculating percentages is a practical skill often used in everyday situations. Knowing how to convert decimals and fractions to percentages can simplify many comparisons.When you have a decimal, converting it to a percentage simply requires multiplying by `100`. This relates directly to the concept that there are `100` parts in a whole percentage.Converting the decimal `0.6` means performing the operation \(0.6 \times 100\), resulting in `60`. This tells us that `0.6` represents `60%` of a whole.
  • Understand that percentage is another expression of a fraction but with a common denominator of 100.
  • Tables and charts often use percentages, as they offer a quick visual representation.
  • Ease of conversion makes percentages valuable for comparing different figures.
Learning to calculate and convert percentages not only helps in schoolwork but is also applicable in various real-world tasks like finance, discounts, and statistics.

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Most popular questions from this chapter

Zach bought 200 shares of Goshen stock years ago for \(\$ 21.35\) per share. He sold all 200 shares today for \(\$ 43\) per share. What was his gross capital gain?

Use a spreadsheet to determine the 7 -day SMA for Citigroup Inc. 7-Apr 24.60 14-Apr 22.51 21-Apr 25.03 28-Apr 26.81 5-May 25.75 8-Apr 23.76 15-Apr 22.80 22-Apr 25.12 29-Apr 26.32 6-May 25.87 9-Apr 23.58 16-Apr 23.44 23-Apr 24.63 30-Apr 25.27 7-May 24.48 10-Apr 23.71 17-Apr 24.03 24-Apr 25.76 1-May 25.99 8-May 24.30 11-Apr 23.36 18-Apr 25.11 25-Apr 26.60 2-May 26.39 9-May 23.63

Use a spreadsheet to determine the 2-day, 3-day, and 5-day SMA. 31-Mar 440.47 8-Apr 467.81 16-Apr 455.03 24-Apr 543.04 2-May 581.29 1-Apr 465.71 9-Apr 464.19 17-Apr 449.54 25-Apr 544.06 5-May 594.90 2-Apr 465.70 10-Apr 469.08 18-Apr 539.41 28-Apr 552.12 6-May 586.36 3-Apr 455.12 11-Apr 457.45 21-Apr 537.79 29-Apr 558.47 7-May 579.00 4-Apr 471.09 14-Apr 451.66 22-Apr 555.00 30-Apr 574.29 8-May 583.01 7-Apr 476.82 15-Apr 446.84 23-Apr 546.49 1-May 593.08 9-May 573.20

Elisa owns 28\(\%\) of the Grudman Corporation. The rest of the shares are owned equally by the remaining six shareholders. What percent of the corporation does each of the other shareholders own?

Versant Corporation executed a 1 -for-10 reverse split on August \(22 .\) At the time, the corporation had \(35,608,800\) shares outstanding and the pre-split price per share was \(\$ 0.41 .\) a. How many shares were outstanding after the split? b. What was the post-price per share after the split? c. Show that this split was a monetary non-event for the corporation.
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