bpeltzer's solution

=rounddown(a1*96,0)/96

is quite valid, but it's based on having a time value in a1, so if a1
contains 12:36 it will return 12:30 (when formatted as a time).

You could also use rounddown where a1 is decimal, to round to the
nearest 0.25, i.e.

=ROUNDDOWN(a1*4,0)/4

although it does multiply and divide by the same number the trick is
that the rounding takes place between those operations so if a1 were
12.6....

a1*4 gives you 50.4, rounddown then rounds this down to the nearest
integer, giving 50, then this is divided by 4 giving 12.5 hence
rounding to the nearest 0.25

...although, of course, FLOOR is a bit neater for your type of scenario


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