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40/120 = 1/3 = 331/3 %
18 and 1/3 percent
40% of 120 is same as 40/100 times 120 = 48
(66 and 2/3) percent increase
You first divide 300 by 100 to find how much 1% is. It is 3. Then you divide 120 by 3. 120 is 40% of 300.