To round 23.5481 to the nearest thousandth, follow these steps:

1. Identify the thousandth place: The thousandth place is the third digit after the decimal point, which in this case is 8.
2. Look at the digit immediately to the right (the ten-thousandth place): This digit is 1.
3. Since the digit in the ten-thousandth place is less than 5, you leave the thousandth digit unchanged.

Thus, 23.5481 rounded to the nearest thousandth is 23.548.

Would you like more details or have any questions?

Here are 5 related questions:

1. How do you round numbers to the nearest tenth or hundredth?
2. What happens when the digit in the ten-thousandth place is 5 or higher?
3. Can you explain how rounding impacts precision in calculations?
4. How does rounding differ for negative numbers?
5. What are some real-world applications of rounding numbers?

Tip: When rounding, always consider the digit right after the place value you're rounding to!