Rounding Unless otherwise instructed, always use the most precise numbers possible when calculating your answer, and then round only the final answer to the specified number of decimal places. Pay close attention to any rounding instructions given in the problem. Part 2 Now, let's use a simple Time Value of Money (TVM) question you may encounter in MyLab Finance. Comparing Interest for Various Compounding Periods. If $1,000 is invested at 8% compounded a. annually, b. monthly, what is the amount after 5 years? (Round your final answer to the nearest cent.) Part 3 To solve this problem without using a financial calculator or a spreadsheet, we need to use the compound interest, future value, formula: FV =PV(1+i)n where, i = r/m FV = future value at the end of n periods PV = present value r = annual rate m = number of compounding periods per year i = rate per compounding period n = total number of compounding periods Part 4 Solution: a. Compounding annually means that there is one interest payment period per year. So, n = 5 and i = r = 0.08. FV =PV(1+i)n FV=1,000(1+0.08)5 FV=1,000(1.4693280768) FV=1469.3280768 Therefore, rounded to the nearest cent, the final answer is?