Since there are 100 cents in a dollar, routing to the nearest cent would be rounding to the nearest hundredth. In order to do that you would solve to the thousandths place the use that number to round up or down to the nearest hundredth.
For example:
If a dozen roses cost $12.35, how much does each rose cost?
12.35 ÷ 12 = 1.029
The 9 is in the thousandths place. If it is 5 or higher we round the hundredths place up, so our answer is each rose costs 1 dollar and 3 cents ($1.03)
