Ok, so I've been asked to turn 5 and 1/2 % into a fraction and I got 550. Is that correct?
5 & 1/2 % = 5.5% = 5.5/100 = 55/1000 = 11/200
you really need to learn how to deal with fractions, decimals, and percents.
go here for a lesson ...
Converting Between Decimals, Fractions, and Percents