That depends a lot on the application. In electronic circuits, an error of 5-10% or even more is often acceptable; for some applications, you need a much greater precision - even a millionth or less in some cases.
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Percent Error = {Absolute value (Experimental value - Theoretical Value) / Theoretical Value }*100
Percent error is used when you are comparing your result to a known or accepted value. It is the absolute value of the difference of the values divided by the accepted value, and written as a percentage. Percent error is equal to the difference divided by the known times 100 percent.
If you mean percent error of 3.14 versus pi, which is 3.14159..., the error is only 0.05%
Percent error is calculated by the measured value and the acceped value. For example, if you measure a piece of paper and decide it is 8.45in long, that is your measured value. The package says it is 8.5in long, so it is the accepted value. The formula for percent error is |measured value - accepted value| divided by accepted value ALL times 100.
3.97%