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This variant of the round-to-nearest method is also called convergent rounding, statistician's rounding, Dutch rounding, Gaussian rounding, odd–even rounding, [6] or bankers' rounding. [ 7 ] This is the default rounding mode used in IEEE 754 operations for results in binary floating-point formats.
Prices are rounded down to the nearest 10 cents for sales ending in 1 to 4 cents. Prices are rounded up to the nearest 10 cents for sales ending in 5 to 9 cents. It is at the discretion of the business to decide if it will round 5¢ intervals up or down: the majority of retailers follow government advice and round it down. [24]
“It will be important to have rules in place regarding how cash transactions that are not divisible by 5 cents should be handled, most likely by rounding to the nearest 5 cents, and also ...
Rounding up prices. ... “Prices would have to be rounded to the nearest five cents to allow for cash payments and correct change received back — that will be the end of $6.99 fast food combo ...
An economics student in Canada, which stopped minting one-cent coins in 2012, found in 2017 that rounding “imposes a tax of $3.27 million Canadian dollars from consumers to grocery stores on a ...
Alternative rounding options are also available. IEEE 754 specifies the following rounding modes: round to nearest, where ties round to the nearest even digit in the required position (the default and by far the most common mode) round to nearest, where ties round away from zero (optional for binary floating-point and commonly used in decimal)
To round a number to its nearest order of magnitude, one rounds its logarithm to the nearest integer. Thus 4 000 000, which has a logarithm (in base 10) of 6.602, has 7 as its nearest order of magnitude, because "nearest" implies rounding rather than truncation. For a number written in scientific notation, this logarithmic rounding scale ...
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