Inch fraction formatting which adjusts from sixteenths to eighths to quarters to halves?

Looking for formatting which will format a number with sixteenths, but if it rounds down to eighths will do so, and if it rounds down to quarters or halves, will do so.

So 3.3125 will display as 3 5/16
But 3.375 will display as 3 3/8, NOT as 3 6/16
And 3.25 will display as 3 1/4 NOT as 3 2/8 or 3 4/16

What do you want to do if the number is not precisely a multiple of 1/16?

For your examples:

Custom format, Fractions, two digits

Custom format fractions two digits.jpg

Jeff beat me to it

Number formatting alone cannot do this (display all fractions with several specified denominators).

If you can force the value to be an exact multiple of 1/16 (using an MROUND() function, for example), then you can constrain the actual value to be an even multiple of 1/16, and the number formatting described by 6StringJazzer will take care of displaying that value as a fraction in its most simplified form.

Would you be allowed to round the value to the nearest 1/16?

Here is the method described by MrShorty

Values as displayed

	A	B	C	D
1	Original Number	Fraction	Rounded to nearest 16th	Rounded Fraction
2	3.3125	3 5/16	3.3125	3 5/16
3	3.375	3 3/8	3.375	3 3/8
4	3.25	3 1/4	3.25	3 1/4
5	3.5	3 1/2	3.5	3 1/2
6	3.333	3 1/3	3.3125	3 5/16
7	3.666	3 2/3	3.6875	3 11/16

Underlying formulas

	A	B	C	D
1	Original Number	Fraction	Rounded to nearest 16th	Rounded Fraction
2	3.3125	=A2	=MROUND(A2,1/16)	=C2
3	3.375	=A3	=MROUND(A3,1/16)	=C3
4	3.25	=A4	=MROUND(A4,1/16)	=C4
5	3.5	=A5	=MROUND(A5,1/16)	=C5
6	3.333	=A6	=MROUND(A6,1/16)	=C6
7	3.666	=A7	=MROUND(A7,1/16)	=C7