The fraction 27/28 is equal to 96.43% when converted to a percentage and rounded to two decimal places. This means that 27/28 represents a value very close to, but slightly less than, a whole unit. It's almost complete, with just a tiny bit missing.
In practical terms, 27/28 or 96.43% could be used to describe situations where something is nearly finished or almost full. For example, a battery charged to 27/28 of its capacity would be almost ready for use. Similarly, if 27 out of 28 people in a group agreed on something, you could say there was 96.43% agreement, which is a very high level of consensus.