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An exact solution for the intensity distribution of shadow moiré fringes produced by a broad spectrum light is presented. A mathematical study quantifies errors in fractional fringe orders determined by the phase-shifting technique, and its validity is corroborated experimentally. The errors vary cyclically as the distance between the reference grating and the specimen increases. The amplitude of the maximum error is approximately 0.017 fringe, which defines the theoretical limit of resolution enhancement offered by the phase-shifting technique.

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