When should I round intermediate CFA calculation results?

Usually, do not round intermediate results. Keep the calculator's stored precision or write enough decimals to avoid changing the economics of the problem.

Round the final answer to match the question. If the stem asks for the nearest dollar, round at the end. If it asks for a percentage to two decimals, carry the calculation first and then format the final result.

Premature rounding is especially risky in multi-step TVM, duration, NPV, and statistical calculations because small errors can accumulate into a plausible distractor.