A penny is:
1/5th of a nickel
1/10th of a dime
1/25th of a quarter
1/50th of a half-dollar
1/100th of a dollar
1/200th of two dollars
. . . and so on
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.01
Penny
500
One eighth of a penny is equivalent to 0.125 cents. This can be calculated by dividing 1 by 8, which equals 0.125. In terms of monetary value, one eighth of a penny is a very small fraction and is essentially negligible in practical use.
Since a penny is one hundredth of a dollar, seven pennies is seven hundredths, which is $0.07 in decimal form.