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14.8% (percent  per cent meaning "per hundred") becomes 14.8/100 or, to remove the decimal point, 148/1000. You can reduce 148/1000 to 37/250. But why would you want to do that? And yes, 14.8% = 0.148.
Another example: 50% is a percentage and 50/100 is a decimal fraction (the denominator is a power of 10) that can be expressed as 0.5.
To convert a percentage into a decimal fraction simply use use 100 as the denominator (the part below the fraction bar). So 14.8% can be written as 14.8/100. Read more about fractions here: http://bit.ly/d9O4Gr
If you perform the same operation on the nominator and the denominator you get an equivalent fraction. In this case you could  to handle the above fraction more easily  multiply by 10. (14.8*10)/(100*10) = 148/1000.
you asked to reduce the fraction. If you try to reduce 14.8/100 you will find that the nominator and the denominator do not share a factor. This fraction is irreducible. But 148 and 1000 have the gcd of 4 and the resulting fraction would be 37/250. This would be easier to read but more confusing. Nice to know but irrelevant. ;)
The answer is: No, you can not reduce 14.8/100 any more.
For 14.8/100 to become 0.148 type it in your calculator or use the nominator and shift the decimal point by 2 to the left (two 0s in 100 ;) ).
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For instance if you would like to alter the next figure 4 2/3 you've to type four plus strike the actual A b/c button, after that type two plus strike the button once more after which type three. Following that strike the second button, after that A b/c plus lastly "Enter". In this manner you'll get a improper fraction.

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