Typical linear regulators usually have an output voltage specification that guarantees the regulated output will be within 5% of nominal. This level of accuracy is adequate for most applications.
There are many new regulators which have tighter output tolerances (better than 2% is common), achieved through the use of a laser-trim process. Also, many of the new regulators have separate output specifications that cover room temperature/full operating temperature range, and full-load/light-load conditions.
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