What is rounding?
Rounding a number means approximating it. A rounded number is often easier to use, understand, and remember than the precise number. In MyFinanceLab most of our answers are rounded decimal numbers. A decimal number has three parts: The whole number part, the decimal point and the decimal part.
For example: [pic]
So, in order to round a decimal number we basically round the decimal part of it.
These are the two basic steps for rounding decimals to a place value to the right of the decimal point
Step 1: Locate the digit to the right of the given place value.
Step 2: If this digit is 5 or greater, add 1 to the digit in the given place value and delete all digits to its right. If this digit is less than*…show more content…*

Compounding monthly means that there are twelve interest payments per year. So, n = 12(5) = 60 and i = 0.08/12 = [pic] [pic] [pic] Therefore, rounded to the nearest cent, the final answer is $1,489.85 | | |This TVM example helps us to understand a basic rounding principle in MyFinanceLab: “Do not round until the final answer.” As you | |can see in part a. after solving the expression [pic]we leave it unrounded and use as many digits as possible in its decimal part. | |The same happens in part b with the other exponential expression. | | | |Take another look at part b. because rounding i to a small number of decimal places, such as 0.007 or 0.0067, would have resulted | |in round-off errors. So, to avoid this, use as many decimal places as your calculator is capable of displaying. | Tips: If you want to calculate TVM problems, mathematical calculations are relatively straightforward. However, as you will see, TVM calculations are easier using a financial calculator or spreadsheet. But, no matter what

Compounding monthly means that there are twelve interest payments per year. So, n = 12(5) = 60 and i = 0.08/12 = [pic] [pic] [pic] Therefore, rounded to the nearest cent, the final answer is $1,489.85 | | |This TVM example helps us to understand a basic rounding principle in MyFinanceLab: “Do not round until the final answer.” As you | |can see in part a. after solving the expression [pic]we leave it unrounded and use as many digits as possible in its decimal part. | |The same happens in part b with the other exponential expression. | | | |Take another look at part b. because rounding i to a small number of decimal places, such as 0.007 or 0.0067, would have resulted | |in round-off errors. So, to avoid this, use as many decimal places as your calculator is capable of displaying. | Tips: If you want to calculate TVM problems, mathematical calculations are relatively straightforward. However, as you will see, TVM calculations are easier using a financial calculator or spreadsheet. But, no matter what

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