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You just used the word "benchmark" in that sentence..O.o
No because you would not use it as an estimate.
1.0 and 0.5
Yes
A benchmark is an easy to work with number. you round fractions to the nearest benchmark and it will be very easy to add. i use 1/4, 1/2, 3/4, 1, 1 1/4, 1 1/2, 1 3/4, 2, 2 1/4, and so on as benchmarks.