Resolving IEEE floating-point error using precision-based rounding algorithm

This paper presents a precision-based founding approach to resolve IEEE floating-point error. Binary floating-point systems can represent only a finite number of floating-point values in exact form. All other values must be approximated by to closest representable value. The proposed method not only provides a precision-based rounding, but also represents floating-point values in exact form applicable to any arithmetic operation. The error estimation accuracy is evaluated across several different applications. However, the accuracy slightly decreases with the depth of precision. The goal is to present a solution for IEEE floating-point error for commonly used arithmetic operations used in business applications.