1%
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The purchasing value of the "penny" coin is defined as 1/100 of a dollar, or $0.01
% rate: 1 penny of$1 = 1%note: $1= 100 pennies% rate:= 1 penny/$1 * 100%= 1 penny/100 pennies * 100%= 1 * 1%= 1%
1/1001 penny = 1 cent$1 = 100 cents1 penny = 1/100 of $1
1/100 1/100
One penny is 1/100 of a dollar.