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Programmers often use excessive precision in scientific computation causing substantial waste of performance. Computational precision has great influence on performance, but there has been a dearth of research that explores performance as a function of precision. In this paper, we describe the performance gain as a function of precision with a scientific computing application, mixed precision iterative refinement. Utilizing computational precision in mixed precision iterative refinement can achieve significant performance gain without losing accuracy on accelerators such as GPUs and FPGAs.