However, when I go into the "Formatting" section of the Formula Field, it gives me a very large percentage which seems to be incorrect (in this particular case the preview shows 345600% but in the formula section, the preview shows 35.56%. I have attached the two images of the settings below:
The percentage field type hosts numerical values formatted as percentages. The values in a percent field are shown as fractions of 100 with the percent symbol. For example, .75 in a percent field is represented as 75%.