BigDecimal
BigDecimal is a library or class in programming languages like Java, Ruby, and Python that provides arbitrary-precision decimal arithmetic for handling financial and scientific calculations where exact decimal representation is critical. It avoids the rounding errors inherent in floating-point arithmetic by storing numbers as scaled integers with a specified precision and scale. This makes it essential for applications requiring high accuracy, such as currency calculations, tax computations, and scientific measurements.
Developers should use BigDecimal when dealing with monetary values, financial transactions, or any scenario where precision is paramount to prevent rounding errors that can accumulate and cause significant discrepancies. It is particularly useful in banking, e-commerce, and accounting software where even minor inaccuracies can lead to legal or financial issues. Learning BigDecimal ensures reliable and compliant handling of decimal data in these sensitive domains.