strange output

Why does this simple code display numbers in scientific notation?

Code:

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#include < iostream >
using namespace std;

const double        r = 99.95;

const unsigned short d = 2;

int main( )
{
        unsigned short p;
       
        float  b;
        float c;



        cin >> p;

        b =  p * r;

        c = b;

        cout.precision( 2 );
        cout.setf ( ios::fixed || ios::showpoint );

        cout << c    << endl;
        cout << c / d << endl;

        return 0;
}

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when I remove precision and setf it works fine, but I want the formatting.

Code:

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cout.setf ( ios::fixed | ios::showpoint );

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One'|' to much.

Thank you. :)