What does hundredth mean?

Answer 1

.01 = the 1 is in the hundredths place.

Exactly as in the question which is 1/100

Hundredths can be found two places to the right of the decimal point.

If you break something up into 100 equal pieces, a hundredth is one of those pieces.
one hundredth is two places to the right of the decimal point

1/100 = 0.01

Answer 2

One hundredth is a decimal place. for example, 0.01 is one hundredth. If you notice 0.01 backwards is 10.0 and if you take away the decimal place you get 100, that is how I remember it.