Here are the answers to the precision exercises:
1. Format <Fix_8_4>
Value = 0.5
2. <Fix_8_3>101.001
3. <Ufix_8_8>00001001
4. To represent the next value after 0.5 accurately in <Fix_8_4> format, we need to increase the number of fractional bits to 5. Therefore, the next format would be <Fix_8_5>.