It has almost twice as many comparisons as necessary. The term to the left of each AND is redundant because it has already been checked by the preceding IF. It also does not guard against negative arguments. Perhaps the environment in which it is used guarantees that negative arguments cannot occur.

If I were reviewing this code I would at least ask the developer to add an assertion or contract requiring that the argument be in the inclusive range [0..1]

The choice of variable name, percentage, is also misleading. At least I suspect it is because I would expect the comparisons involving percentages to be to numbers between 0 and 100.

If lack of allocations is a requirement then one could create a static array of strings and use

    int(percent * 10)

as the index. This would eliminate all of the comparisons and also throw an index out of range (in any sane language) if the value was outside the allowed range.