how would you explain how much data can be stored on floppy diskettes, hard disk drives, and CDROMs?
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That depends on who I'm explaining it to and what the exact question is. A simple answer would be to just name the size of the device (e.g. 1.44 MB, 700 MB, 1 TB). Another quite common way of describing the size of a storage device is by stating the number of average sized images, songs or documents you can save on them. Personally I'm not fond of this as they greatly depend on stuff like compression rates and personal fluctuation from the average.
There are other methods of stating the size of a storage device and without knowing the context it's difficult to imagine what you're looking for.
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