You should round to two decimal places unless the number is large - like the US national debt, for example.
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The decimal point is important, when dealing with money, because it differentiates $500 from $5.00. After the decimal point there will be two digits, these two digits are the number of cents (in America). The number in front of the decimal point is the number of dollars. It is very important that you put the decimal point in the right spot especially when writing checks.
American currency only runs to two decimal places. 43 cents is $0.43
Money is written in decimal for easier computation. Imagine if money is in fraction form, it will be hard for us to compute.
1971 for decimal money here in England
A decimal number is simply a way of representing a number in such a way that the place value of each digit is ten times that of the digit to its right. A decimal number need not have anything whatsoever to do with money.