Decimal
Decimal is a data type and arithmetic system used in computing to represent and manipulate numbers with fixed or floating-point precision, particularly for financial and monetary calculations where exact decimal representation is critical. It avoids the rounding errors inherent in binary floating-point representations (like IEEE 754) by storing numbers in base-10, ensuring accurate calculations for decimal fractions. This concept is implemented in various programming languages and databases to handle high-precision arithmetic, such as in accounting, currency exchange, and scientific measurements.
Developers should learn and use Decimal when working on applications that require precise decimal arithmetic, such as financial software, e-commerce systems, tax calculations, or any domain where rounding errors could lead to significant monetary or legal issues. It is essential in scenarios like banking transactions, invoice generation, and currency conversions, where even minor inaccuracies can accumulate and cause problems. Using Decimal ensures compliance with financial regulations and improves reliability in calculations involving money or exact decimal values.