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2017-01-17 11:37:29 -0500 answered a question Inertia matrices and double precision ODE

The decimal keyword denotes a 128-bit data type. Compared to floating-point types, the decimal type has a greater precision and a smaller range, which makes it suitable for financial and monetary calculations. Precision is the main difference where double is a double precision (64 bit) floating point data type and decimal is a 128-bit floating point data type.

Double - 64 bit (15-16 digits)

Decimal - 128 bit (28-29 significant digits)

So Decimals have much higher precision and are usually used within monetary (financial) applications that require a high degree of accuracy. But in performance wise Decimals are slower than double and float types. Double Types are probably the most normally used data type for real values, except handling money. In general, the double type is going to offer at least as great precision and definitely greater speed for arbitrary real numbers. More about...Double vs Decimal