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Explain "Floating Point"

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Hi, I hope this question is in the right forum.Anyway, I have been looking at some pro audio equipment and came across the word "Floating Point" (as in 40-Bit Floating Point for example).It probably has something to do with the resolution of the recording, could somebody please give me a detailed explanation of the word using the 40-Bit Floating Point example to help me understand the theory behind all of this once and for all.Cheers.

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