They should not publish the term "266 students". This is because they did not interview the whole 450 students.
They should only state the percentage of students who consider location as a great influence based from the number of students who participated in the study.
98 students participated. Out of the 98, 58 chose location. With these data, you can safely say that 59% of the participating students would consider location as the greatest influence in determining which college to attend.
58 / 98 = 0.591 * 100% = 59.1% or 59%.