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What is this format specifier?

What is %.2f? Why is it not just %f? Is there some additional calculation happening? The half function already does all the calculations including splitting the bill, so I'm not sure what %.2f is. (Btw why is this code not formatting correctly in lemmy?)


#include 
#include 

float half(float bill, float tax, int tip);

int main(void)
{
    float bill_amount = get_float("Bill before tax and tip: ");
    float tax_percent = get_float("Sale Tax Percent: ");
    int tip_percent = get_int("Tip percent: ");

    printf("You will owe $%.2f each!\n", half(bill_amount, tax_percent, tip_percent));
}

// TODO: Complete the function
float half(float bill, float tax, int tip)
{
    bill += (bill * (tax / 100.0));
    bill += (bill * (tip / 100.0));

    bill /= 2;

    return bill;
}
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