To estimate the product 74 x 548 by rounding each number to the nearest 10:
- 74 rounds to 70.
- 548 rounds to 550.
Now, we compute the estimated product:
\[ 70 \times 550 = 38500 \]
Next, let's compute the actual product of 74 and 548:
\[ 74 \times 548 = 40672 \]
Now, we compare the estimated product (38500) with the actual product (40672).
Since 38500 is less than 40672, our estimate is an underestimate.