If you have 0.01 is that 1 percent or 1 tenth of a percent?

The first position to the right of the decimal point is the tenths place. The second position to the right of the decimal points the hundredths place.

It is important to note that in Latin, "per one hundred" is "per centum". We get our Word "percent" because that means "per one hundred".

You probably see where this is going. .01 is thus 1/100th, or 1 per hundred, or one per centum, or...one percent!