Sometimes it is advantageous to express a value in round numbers. To round to a particular place, look at the digit immediately to the right of the one you want to round to, in this case, the thousandths place. If that digit is 4, 3, 2, 1 or 0, zero it and everything to the right of it out. If that digit is 5, 6, 7, 8 or 9, increase your target digit by one and zero everything to the right of it out. If your target digit is 9, it will become a zero and increase the digit to the left of it by one.
A hundredth, in terms of a decimal is two places to the right of the decimal point. So to round 123.4567 to the nearest hundredth you would need to reduce .4567 to only 2 decimal places. Any digit of a value of 5 or more adds 1 to the next column to the left, any digit of a value of less than 4 is simply ignored. So 123.4567 rounds up to 123.457, which then rounds up to 123.46
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The nearest hundredth is the same as two decimal places.
The decimal of .116 rounded up to the nearest hundredth is .12.
32.07
Its 82.95 (hundredth=2 decimal places)
5.11 is a decimal, rounded to the nearest hundredth.