We have designed and built a fast and precise balanced polarimeter from components commonly found in undergraduate physics laboratories. Balanced polarimetry measures the orientation of linearly polarized light by splitting the beam into orthogonal polarization components and detecting each separately. Our polarimeter is capable of measuring the orientation of linearly polarized light with a precision of approximately 0.001°/Hz. The apparatus cost less than $1000. Measurements of the specific rotation of sucrose and of the Faraday effect were performed, both of which produced results that were comparable to previously reported values.

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