Remember that percent just means "out of 100", so 116% is 116 out of 100:
[tex]\frac{116}{100}[/tex]
To simplify, you just divide each number by numbers that go into each:
[tex]\frac{116}{100}\div\frac{4}{4}=\frac{29}{25}[/tex]
So, 116% in simplified fraction form is 29/25.