Decimal precision for API calculations (2024)

FAQs

Decimal precision for API calculations? ›

Internal API calculations are performed using as many decimal places as necessary depending upon the precision of the currency in question, but displayed values are sometimes rounded/truncated to achieve a usable value or for formatting purposes.

Precision is the number of digits in a number. Scale is the number of digits to the right of the decimal point in a number. For example, the number 123.45 has a precision of 5 and a scale of 2 .

The rule states that you can simply count the number of decimals in two numbers and their product will have the precision of the sum of the decimals of those two numbers. In usual usage, 0.01 and 0.002 each have one digit of precision. The leading zeros just position the decimal point.

Decimal / Numeric

Assume your application must handle money values up to a trillion dollars. In that case, the following should work: 13,2 and If you must adhere to GAAP (Generally Accepted Accounting Principles), use 4 for precision, such as 13,4.

It is common to report up to two significant figures and a maximum of three decimal places, such as p = 0.12, p = 0.035, p = 0.006 and p < 0.001. Some examples of suitable and less suitable numbers of decimal places are shown in Figure 1.

A single-precision float only has about 7 decimal digits of precision (actually the log base 10 of 2²³, or about 6.92 digits of precision).

Rounding to three decimal places (i.e. up to thousandth place in decimal) means that the number should not have any digit from fourth place onwards.

To calculate precision using a range of values, start by sorting the data in numerical order so you can determine the highest and lowest measured values. Next, subtract the lowest measured value from the highest measured value, then report that answer as the precision.

To have four decimal places is to have four (or fewer) digits to the right of the decimal point when written in decimal notation e.g. 12.3456. Typically we would pad a number with fewer than four digits, so 1.23 would be written 1.2300 in scientific work to indicate its precision level.

For example, a "precision of six decimal digits" or "six-digit precision" means that the type's binary representation is precise enough to store a real number of six decimal digits, so that its conversion back into a six-digit decimal number yields the original six digits.

Is 10% precision good? ›

For a good measurement system, the accuracy error should be within 5% and precision error should within 10%.

The most precise fractional value (between 0 and 1, or 0 and -1) is represented by DECIMAL(38, 38) , with 38 digits to the right of the decimal point. The value closest to 0 would be . 0000...1 (37 zeros and the final 1).

It is standard for most currencies to display two decimal places (i.e. $74.62).

Experienced researchers typically round the numbers to one or two decimals, following the APA manual.

Price precision determines the fixed number of decimal places to which a calculated price is rounded. Suppose precision is set at 2 digits. If the value of the third digit to the right of the decimal is less than 5, the hundredth position (second to the right of the decimal) remains unchanged.

DECIMAL provides an exact numeric in which the precision and scale can be arbitrarily sized. You can specify the precision (the total number of digits, both to the left and the right of the decimal point) and the scale (the number of digits of the fractional component).

Precision. A value in decimal degrees to a precision of 4 decimal places is precise to 11.1 metres (36 ft) at the equator. A value in decimal degrees to 5 decimal places is precise to 1.11 metres (3 ft 8 in) at the equator.

For example, a "precision of six decimal digits" or "six-digit precision" means that the type's binary representation is precise enough to store a real number of six decimal digits, so that its conversion back into a six-digit decimal number yields the original six digits.

To have four decimal places is to have four (or fewer) digits to the right of the decimal point when written in decimal notation e.g. 12.3456. Typically we would pad a number with fewer than four digits, so 1.23 would be written 1.2300 in scientific work to indicate its precision level.

Understanding Currency Precision

According to the ISO standard, currency precision can range from zero decimals to three decimals. For example, USD amounts have two digits to the right of the decimal, and JPY have none.