I.toFixed(2); meaning in javascript code example

Example 1: javascript show 2 decimal places

var myNumber=12.2345;
var myNumberWithTwoDecimalPlaces=parseFloat(myNumber).toFixed(2); //12.23

Example 2: javascript round to 2 decimal

function round(num, places) {
    num = parseFloat(num);
    places = (places ? parseInt(places, 10) : 0)
    if (places > 0) {
        let length = places;
        places = "1";
        for (let i = 0; i < length; i++) {
            places += "0";
            places = parseInt(places, 10);
        }
    } else {
        places = 1;
    }
    return Math.round((num + Number.EPSILON) * (1 * places)) / (1 * places)
}

round(1.005, 2); // 1.01
round(1.005, "1"); // 1
round("1.23", 1); // 1.2
round("1.436", "2"); // 1.44