What is rounding to the nearest cent?

Rounding to the nearest cent involves determining whether a given number falls closer to the whole cent amount above or below it. If the number is exactly halfway between two whole cent amounts, it is typically rounded up to the nearest cent.

For example, if the number is $1.345, it would round down to $1.34 because it is closer to $1.34 than it is to $1.35. However, if the number is $1.355, it would round up to $1.36 because it is exactly halfway between $1.35 and $1.36.

Rounding to the nearest cent is commonly used in financial settings, such as when calculating prices or handling currency transactions. It helps simplify calculations and ensures that amounts are represented accurately.