Percent (%) means 'out of one hundred'.
Per Cent (Cent=100).

To find n percent (n%) of x use the formula '(n/100)x'.
Used in mathematics.

Overheard from a 12-year-old discussing how useful her claculator is:
"You press one button to convert it [a fraction] to a percent and then another to convert it to a decimal."

Perhaps the single most depressing thing I've ever heard. No, wait. That would be the cashier that asked "what's 10% of $3.00?"

See Why do middle school math classes need calculators?

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