What does nearest cent mean?
Understand the Problem
The question is asking for the meaning of the term 'nearest cent', which is commonly used in financial contexts to refer to rounding a monetary value to the closest cent (two decimal places). This typically applies to calculations involving money to ensure accurate representation in transactions.
Answer
Approximating a money amount to two decimal places.
Rounding to the nearest cent implies approximating a money amount to two decimal places.
Answer for screen readers
Rounding to the nearest cent implies approximating a money amount to two decimal places.
More Information
To round to the nearest cent, you only keep two digits after the decimal point. If the third digit is 5 or higher, increase the second digit by one; otherwise, keep the second digit as is.
Tips
Not rounding correctly can happen if you forget to check the third digit. Ensure you look at this digit before rounding.
Sources
- Round to the Nearest Cent Calculator - inchcalculator.com
- How do you round to the nearest cent? - Homework.Study.com - homework.study.com
- What does it mean to round to the nearest cent? - Quora - quora.com
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