What is 1 percent of 1.03 - step by step solution

To get the solution, we are looking for, we need to point out what we know.

1. We assume, that the number 1.03 is 100% - because it's the output value of the task.
2. We assume, that x is the value we are looking for.
3. If 1.03 is 100%, so we can write it down as 1.03=100%.
4. We know, that x is 1% of the output value, so we can write it down as x=1%.
5. Now we have two simple equations:
1) 1.03=100%
2) x=1%
where left sides of both of them have the same units, and both right sides have the same units, so we can do something like that:
1.03/x=100%/1%
6. Now we just have to solve the simple equation, and we will get the solution we are looking for.

7. Solution for what is 1% of 1.03

1.03/x=100/1
(1.03/x)*x=(100/1)*x       - we multiply both sides of the equation by x
1.03=100*x       - we divide both sides of the equation by (100) to get x
1.03/100=x
0.0103=x
x=0.0103

now we have:
1% of 1.03=0.0103