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The yearly insurance fee is paid for a house valued at 4,500 naira if the fee is 1/8 of it's value is 562.5.
What is percentage?
The term "percentage" comes from the Latin phrase "per centum," meaning means "by the hundred." Percentages is fractions with a denominator of 100.
In other terms, it is the relationship between portion and whole in which the value of the whole is always assumed to be 100.
Calculating a percentage implies determining a portion of a whole in term of 100. A percentage can be calculated in two ways:
- The unitary technique is used.
- By adjusting the fraction's denominator to 100.
- It must be noted that second method of percentage calculation is not employed when the denominator isn't a factor of 100. In such circumstances, we employ the unitary technique.
Now, according to the question;
The initial value of the house is 4,500.
The insurance fee is 1/8 of 4,500.
1/8 in percentage is;
= (1/8)×100
= 12.5
Now, calculate the 12.5 of 4,500.
= (12.5×4,500)/100
= 562.5
Therefore, the insurance fee paid for the house is 562.5.
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