IPad air says 16GB but mine says 12GB capacity

I am questioning the ipad air capacity since I ordered a 16GB but mine says I have a capacity of 12GB.  Is that correct? It may make  a difference whether we exchange it or not.  thanks

Yes, that is correct
No, it will not make any difference if you exchange it
The difference is caused by two things. One we count decimal and computers count binary. The other is the operating system has to be stored some place.

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