Which of the following statements is false?

For monetary calculations and other applications that require precise representation and manipulation of numbers with decimal points, the Python Standard Library provides type Decimal, which uses a special coding scheme to solve the problem of $"$to$-$the$-$penny precision." Banks also have to deal with other issues such as using a fair rounding algorithm when they're calculating daily interest on accounts. Type Decimal offers such capabilities.

Floating$-$point values are stored and represented precisely in binary format.

Many applications require precise representation of numbers with decimal points.

Financial institutions like banks that deal with millions or even billions of transactions per day have to tie out their transactions $"$to the penny." Floatingpoint numbers can represent some but not all monetary amounts with to$-$thepenny precision.