Converting a String to Float : java.lang.numberformatexception for input string : "10.00"

So basically i want my float number price (eg:- 20.0) to be 20.00, with an additional zero. So what i tried to do below here is first to add an extra zero, which results in converting it to a string and then convert it back to float because my object type needs to store it as 20.00 as a Float.

Float lowest = productDetail1.getProductSummary().getPrice().getLowest();
String lowestPrice = String.format("$%.2f", lowest);
  try {
    Float floatVal = Float.valueOf(lowestPrice).floatValue();
    productDetail1.getProductSummary().getPrice().setLowest(floatVal);
  }catch (NumberFormatException e){
    LOGGER.error("Number Format Exception " + e.getMessage());
  }

So i debugged it, and i found out that the first 2 lines of codes work fine, but an error is thrown at line 3 :-

Float floatVal = Float.valueOf(lowestPrice).floatValue();

The error im getting is :-
java.lang.numberformatexception for input string : "$10.00"

I hope someone can help me with this. A written code example will be helpful as a solution.

It is not possible to parse $ as part of the number. You need to remove that from the String before parsing it.
For example

Float floatVal = Float.valueOf(lowestPrice.substring(1)).floatValue();