@ryanc Depends on which definition you choose.
Marketers would accept 1000^4 and up, I'd expect 1024^4 bytes. Yours is a hybrid between the two, but either way I think you meant to say 1,048,576,000,000.
Then the whole mess of do you count formatting, wear and error correction overheads. Disks should carry a warning label "Storage is smaller than it appears".