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Thumbs up Answer: show fractions rounded up to nearest 1/16th inch

Yes, there is a way to have the same cell of input to show a result rounded up to the absolute nearest 1/16th of an inch. Here are the steps:
  1. Select the cell or cells that you want to format.
  2. Right-click and select "Format Cells".
  3. In the Format Cells dialog box, select "Fraction" under the "Category" list.
  4. Under the "Type" list, select "Up to two digits (1/4)".
  5. Click "OK" to close the dialog box and apply the formatting.

Now, any input you enter into the cell will be displayed as a fraction with up to two digits, rounded to the nearest 1/4 inch. However, since you need to round to the nearest 1/16th inch, we need to take an additional step.
  1. Select the cell or cells that you want to format.
  2. Right-click and select "Conditional Formatting".
  3. In the Conditional Formatting dialog box, select "New Rule".
  4. Under "Select a Rule Type", select "Format only cells that contain".
  5. Under "Format only cells with", select "Cell Value" and then "greater than or equal to".
  6. In the value box, enter the formula "=ROUND(A1*16,0)/16" (assuming the cell you are formatting is A1).
  7. Click "Format" and select the formatting you want to apply to the cell when the condition is met (e.g. a different font color or background color).
  8. Click "OK" to close the dialog boxes and apply the formatting.

Now, any input you enter into the cell will be displayed as a fraction with up to two digits, rounded to the nearest 1/16th inch. If the input is not already a multiple of 1/16th inch, the cell will be formatted with the additional formatting you selected in step 7.
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