How to add two digits of precision to the output of my if statement

I would like to have the output of my if statement have two digits of precision.

I have tried using the following with no success:

options(digits=)

format(round())

formatC()

Code

x <- 30
y <- 120.00

if(x %% 5 == 0 & y >= x + 0.50){
  y - x - 0.50
}else{
  y
}
#> [1] 89.5

^{Created on 2020-08-23 by the reprex package (v0.3.0)}

I would like the output for this, and future iterations with differing x and y values, to have two digits of precision 89.50.