The fraction you are looking for would have to be in base 10, but in base 10 it would be inappropriate to work at the *bit* level; instead you would have to work at the *dit* level (though the proper name for a "dit" is a "ban"; http://en.wikipedia.org/wiki/Ban_%28information%29)
Mixing base 10 and base 2 needs to be done very carefully!
You do need the base, for example 10000. Why? Because the fraction never ends as I'm sure you know because you've read the FAQ. Want proof? Check this out:
format long;
a % Display it. It won't be 30.6789!
>> a =
30.678899999999999
So that's why you have to pick some number of decimal places.