State ranks are determined using students' HSC marks, which are the final marks they receive in their subjects, comprised of an Assessment Mark and an Examination Mark, each worth 50% of the HSC mark.
Regarding Business Studies, an HSC mark of 97 should give you a chance of placing among the top 20 in the state for this subject. From this point onwards, evidently, the higher the mark, the higher the state rank that you might receive (and the higher the chance to receive a state rank altogether).
I will note that there is an existing BoS user (deanjacobson_ - congratulations to this person by the way!
) who placed 7th in the state in 2021, achieving an HSC mark of 98 in Business Studies. Based on this, and overall, an HSC mark of 97 should give you a chance of receiving a state rank. However, an HSC mark below that will likely reduce your chances of placing among the top 20 in the state significantly.
I hope this helps!