It's neither. Diving 1 by 55 gives some number x where x is arbitrarily (there are standards for how to choose) chosen between the closest 2 representable float

It's neither. Diving 1 by 55 gives some number x where x is arbitrarily (there are standards for how to choose) chosen between the closest 2 representable floats to 1/55. Then, they multiply x by 55. If x is bigger than 1/55 here then the result is > 1. But, if it was rounded down then it will fail because x * 55 will be less than 1.