If each of my tests comprise 10% of final where I should incorporate formula to give 10% of grading and add up to 50% for 5 tests, final has 50% value and I should do the same for that grading too.
This is done by weighting the assignment groups:
How do I weight the final course grade based on assignment groups?
Does this help?
I have tried that, when I create a group it does give me option to assign any weight value or percentage, see attached snapshot.
Behrouz Rahimpour, the Weight Final Grade and Set Weights sections of How do I weight the final course grade based on assignment groups? explain how to apply the desired weightings after you've created your assignment groups.
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