Question

What is `$26.025` rounded to an exact number of cents?

Answer 1

It depends...

Explanation:

Since `$26.025` lies exactly halfway between `$26.02` and `$26.03` we might round either way.

In algebra, we round up, so the answer would be `$26.03`.

In accountancy, there's something called "banker's round" which chooses to round such half-way quantities towards the even value. So using a banker's round the answer would be `$26.02`. The advantage of the banker's round is that on average rounding errors will tend to cancel out.