1. The problem is to find the value of $\frac{8}{100}$ of 1550. 2. "Of" means multiplication, so we calculate $\frac{8}{100} \times 1550$. 3. Multiply the numerator by 1550: $8 \times 1550 = 12400$. 4. Divide by the denominator 100: $\frac{12400}{100} = 124$. 5. Therefore, $\frac{8}{100}$ of 1550 is 124.