Decimal places refer to the number of digits after the decimal point in a number. They are crucial in understanding the precision of a number.
Different tasks may require different levels of precision.
When you round or truncate to three decimal places, you are specifying that the number should be precise to the thousandths place.
1. The first decimal place is the tenths.
2. The second decimal place is the hundredths.
3. The third decimal place is the thousandths.
For example, in the number 34.733, '7' is in the tenths place, '3' is in the hundredths place, and the second '3' is in the thousandths place.