A method and system are described for performing an arithmetic operation such as multiplication or division of a fixed point variable measured at runtime by a floating point constant known at compile-time. The floating point constant is converted into a mantissa and a base-2 exponent at compile-time. The mantissa and exponent are preferably combined into a single unit (a word) of memory. At runtime either single multiplication and accumulation or matrix multiplication and accumulation is preferably achieved by a microprocessor or DSP instruction designed to use the mantissa-exponent pairs stored in a word of memory. The microprocessor instruction multiplies a fixed point runtime variable x by the mantissa and the result is shifted to the right or left as indicated by the exponent, which is preferably a 2's complement number. The complete instruction sequence to perform the multiplication can be made reentrant and can be pipelined.