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Default show fractions rounded up to nearest 1/16th inch

I have cells formatted as fraction, up two digits. We are a mfg. company
cutting metal and if it is not on a tape measure, we don't use it. If we
input in an odd decimal value, we can get stuff like 17/20 or other wierd
unusable fractions. Is there a way to have the same cell of input to show a
result rounded up to the absolute nearest 1/16th of an inch?
 
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