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What are decimal places in money?

Updated: 8/21/2019
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Wiki User

8y ago

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There are usually 100 minor currency units in each major unit and so there are two decimal places.

However, for currency exchange rates, where conversions in both direction are required and because very large sums of money are involved, it is common to see 4 or 5 decimal places being used.

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7y ago
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