Some others may say 115 and some devices and appliances say they're rated @ 125v. They are all really talking about the same thing. Actual voltage at different locations I've seen vary from 110 to 125 so Paul's 117 average makes sense.
As far as I'm concerned we have: 120 208 240 277 480 However, I was once told that supply voltages has slowly been boosted over the years. I don't know if it's true, but it could explain some old motors with 440 volt ratings. Also, some older equipment seems to have 110 or 220 on the nameplates. And let's not forget that pesky 460 rating. Where in the world did that come from?
My vote goes to Elzappr, Joe, and Redsy. Article 220-2 for calcutations. Notice "Voltage (of a circuit)", and "Voltage, Nominal" in article 100, and I would also have a look at Article 110-4. Nominal voltages are just as Redsy says.
In Canada we use 575v motors with a nominal supply of 600. The way i understand single phase residential voltage is as follows.we have 240v coming from the pole with a maximum allowable 5 volt drop for the entire service.110,115,220,230 etc is the equipment name plate voltage rating.when installing equipment the supply must be within 10% of this name plate rating.
We have 122 to 123 volts TRMS per leg on average here... I've seen as high as 127, and never lower than 118, unless major voltage drop due to distance/current/wire size is occurring, which I try to avoid.
120V light bulbs are short lived here.
-Virgil Residential/Commercial Inspector 5 Star Inspections Member IAEI