A basis point, permyriad, or bip (bp) is one part in 10,000. A special symbol is used for this percentage, ‱. So while the familiar percent % symbol is used for one part in 100, and permille ‰ symbol is used for one part in 1,000, there's a special symbol for one part in 10,000. It's good for a paralegal or litigation support professional to be aware of the significance of these uncommon symbols, which are used fairly often in the finance industry to show the difference between interest rates.
A new interest rate of 0.50% above a prior one would be said to be 50 basis points more than the prior rate.
5 ‰ of 1 would be 0.005.
5 ‱ of 1 would be 0.0005.
Litigation Support Tip of the Night's work is never done. Merry Christmas!