Fun with roundoff error

Randolph Fritz
Tue, 5 Dec 2000 22:26:36 -0500

On Tue, Dec 05, 2000 at 03:08:53PM -0600, Bill Gribble wrote:
> Each value has a denominator, and each account specifies the
> denominator in which it represents its credit/debit amounts.  If a
> financial institution represents your balance to the nearest USD
> 1/100, any additions or subtractions to that account must be in USD
> 1/100.
> [...]

Thanks for the reply.  Cool!

As far as I know, major US banks uniformly use 1/10,000 as the
denominator, by the way.  I consulted an old friend who used to
consult for the NYC banks on this some months back.