I have a spreadsheet that determines the overal diameter of a cable based on
the number of conductors, insulation, shielding, etc. The result yields a
decimal number. I would like to round that decimal number to the nearest
sixteenth. I know that I can format the cell to fractions, but this does not
actually change the value. I want a new cell to have the exact decimal
equivalent of the nearest sixteenth.

For example, the first column below is the calculated "raw" diameter and
second column is the decimal number of the nearest sixteenth of the raw
diameter.

0.4687 = 0.4375
0.4688 = 0.5000
0.5312 = 0.5000
0.5313 = 0.5625
0.5937 = 0.5625
0.5938 = 0.6250

Thanks in advance for your help.

Mike