Final answer:
A real-world example of encountering a number with three digits after the decimal point is in currency exchange rates where the third decimal place is crucial for accurate transactions. Significant figures are key in determining the precision of a number, and trailing zeros in a number with a decimal point are significant. Over-representation of precision can lead to misinformation, hence the need for estimating to a reasonable number of decimal places.
Step-by-step explanation:
A real-world example where you would encounter a number with three digits after the decimal point is in finance, specifically when dealing with currency exchange rates. It is important to read these numbers fluently because even a small change in the third decimal can significantly affect the overall value when large amounts are being exchanged. Reading numbers with three decimal places fluently also minimizes errors in financial calculations and ensures accuracy in transactions.
When calculating and reporting numerical values, it is important to consider the concept of significant figures, which refers to the number of digits that carry meaning contributing to its precision. In practice, using too many digits beyond the degree of measurement precision can result in over-representing the accuracy of a number, leading to misleading information. For instance, if a population is reported as 306,000,000, the exactness is not implied until the decimal; therefore, any digits beyond this are not significant.
The subject of significant figures and precision arises in scientific notation too, where we convert numbers to have only one digit to the left of the decimal point. In real-world applications, estimating numbers to a practical number of decimal places saves resources and avoids the inconvenience of dealing with incredibly long numbers. This also prompts the rule that trailing zeros in a number with a decimal point are significant, which must be understood to correctly interpret and communicate numerical data.