Very important. They are used everyday.
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powers of 10 example 10,100,1000
obtained value/actual value * 100
you would find percentages in cooking sale prices grades
It mean describe the place that the number is in. For example you have 54,325, and you have to identify the place value for the three you would say the place value of the three is hundreds because it is in the hundreds place.
the 8 would be at the ten-thousand place value