A battery has a normal voltage when charged, say 1.5 volts. But as it is depleted, it goes down a little bit. 1.49, 1.48, 1.47, etc.
It can still power things at the lower voltages, up to a point, and it’s somewhat of a race between the total energy left in the battery and the voltage needs of the thing that it is powering.
But most things that need batteries have some power regulation circuitry that can handle small voltage drops, and in that circuitry is a voltage meter that measures how much voltage the battery is supplying. That voltage is turned into the battery percentage after some math.
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