What part of the python code does turn the float into a string with "{:.2f}".format(value)


What part of the python code does turn the float into a string with "{:.2f}".format(value)

and why?

for example of Python 3,

insert_value_here = 1952.27698

"{:.2F}".format(insert_value_here)

it turns into this 1952.28 but then into a string…