The significance is that not everything can be expressed with whole numbers. This is especially clear in the case of measurements; a certain unit has been chosen as the standard of length (the meter); the length, width, or height of real-life objects will usually not happen to be an exact multiple of the meter (or close enough to that), so that fractions have to be used.
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In calculating fractions.
yes because if there were no fractions there will be nothing.
You are asked to put the fractions on a number line to help you understand fractions. It isn't so much you will use a number line " in real life" but it gives you a visual representation to help you learn. You will use fractions for many things in life. Just do what what you are asked to do by your teacher they have a reason. You are not the only student in the class and others may need a bit extra assignments to help them understand. Go with the flow. Not all things in life will relate to "real life."
Fractions are real numbers.
When reducing fractions to their simplest form the greatest common factor of their numerator and denominator must be found.