Hi, I am working on an assignment for a second year computer organization class, this question has to be done in IEEE-754 2008. I am having trouble understanding the point of the guard, round and sticky bit and how to approach the question in general, this question has to be solved in decimal and with IEEE conversion. If you could explain in the solution what the three extra required bits do i'd really appreciate it, thanks. Here's the question.

Calculate (4.884355 X 10-1 + 2.4375 X 10-1 ) + 2.775 X 103 by hand, assuming each of the values are stored in the 16-bit half precision format described in Q2. Assume 1 guard, 1 round bit, and 1 sticky bit, and round to the nearest even. Please show all the steps, and write your answer in both the 16-bit floating point format and in decimal.

All explanations or solutions will help. If you need the solutions, the textbook ("Computer Organization and Design" 5th ed. David A. Patterson