You can see the progression in
Fractions rounded to 1/4, 1/8, 1/16, 1/32, 1/64, 1/128
http://www.mvps.org/dmcritchie/excel/fractex1.htm

Started out with some fascinating code from Bernie Deitrick, and that
got major updates a couple of times. But Ron Rosenberg (Jan 25, 2003)
had a simpler way of doing it, and a comment from Harlan Grove to correct
what I'd written for formatting fraction.

Ruler Fractions (Jan 25-27, 2003)
http://google.com/groups?threadm=07b...0TK2MSFTNGXA13


"James Silverton" wrote
That's a fascinating way to get reduced fractions! I wonder how
did David ever thought of it? It's not intuitive, at least to me

"David McRitchie" wrote:
=ROUND(A1*16,0)/16 format as 0 ##/##