As per my understanding, I think that you want something like.
var fomate_value = function(selected_option_value, number){
var formated_number = 0;
if(selected_option_value == 1){
formated_number = parseFloat(number).toFixed(2);
}else{
formated_number = Math.round(number);
}
return formated_number;
}
jQuery("pass_id of class").bind('change', function(){
var option_value = $(this).val();
var number = 100.45; /*for ex 110.45, put code or actual number*/;
var formated_number = fomate_value(option_value, number);
});