One of the reasons I majored in metallurgy was to avoid taking too many chemistry or math courses. Correct me if I'm wrong: Technically: The density of ethanol is 0.791 g/cc at 20 C, so 100ml would be 79.1 grams. Adding 4 g of Picric to that amount would produce (roughly) a 5 weight percent solution of picral. Using a volume calculation, you end up with your 2.3 volume percent. Now, since no one in their right mind works with DRY picric acid (too noisy), how do you take into account the added weight of the moisture present in the picric powder that is present to prevent the material from going ka-boom?
Since metallurgists like to keep things simple, 4 grams of picric powder (with moisture to prevent it from going ka-boom) is added to 100 ml of ethanol (with a density rounded off to 1) to make a 4% solution of picral. Whether it is really 5 wt%, 4 w/v % or just 2.26 volume % is immaterial in this process - it still works to etch the carbides present in my steel and it is quiet.