Decimal DataType Precision and Scale

If you have a attribute of decimal datatype (like price attribute of product) in one of database table and you want to have eight digits of significance and two digits after the decimal point then add following in your migration:

class CreateProducts < ActiveRecord::Migration
  def change
    create_table :products do |t|
      t.string :title
      .
      .
      t.decimal :price,  precision: 8, scale: 2 
      .
      .
    end
  end
end
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