I discussed this with an old banking software consultant I know; a man
who worked at some of the big New York banks in the 80s--Citibank,
Manufacturers Hanover, Chase. Turns out that they did their customer
money computations, including interest computations, in fixed-point
decimal, seven digits to the left of the decimal point, and four to
the right (COBOL picture 9999999.9999). They used 999.9999 for
percentages and rounded to two decimals for output. Given inflation,
I'd think that an extra digit to the left of the decimal point would
probably be a good idea.
--
Randolph Fritz
Eugene, Oregon, USA
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