Assuming truncating division:
Round down:
discount = 33 value / 100;
Round up:
discount = (33 value + 99) / 100;
Round to nearest:
discount = (33 value + 50) / 100;
Round down:
discount = 33 value / 100;
Round up:
discount = (33 value + 99) / 100;
Round to nearest:
discount = (33 value + 50) / 100;
In banking, I believe the convention is to round to the nearest penny, and round half-pennies to the nearest even penny.