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Accuracy classes are defined and used in IEC and ANSI standards. Classes are denoted by either a letter or percentage. For example, Class B is a temperature accuracy from IEC-751 that requires accuracy of ± 0.15 degrees Celsius. Class 0.5 is an ANSI C12.20 accuracy class for electric meters with absolute accuracy better than ± 0.5% of the nominal full scale reading.
Typically, a class specifies accuracy at a number of points, with the absolute accuracy at lower values being better than the nominal "percentage of full scale" accuracy.
Accuracy classes such as IEC's 0.15s are a 'special' high accuracy class.
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