Step 3: Raise the Simplified Expression to the Power of 3
Next, we raise the simplified expression to the power of 3:
\[
\left(\frac{1}{2} m^{4} n^{4}\right)^{3} = \frac{1^{3}}{2^{3}} \cdot (m^{4})^{3} \cdot (n^{4})^{3} = \frac{1}{8} m^{12} n^{12}
\]
Step 4: Write the Final Simplified Expression
Thus, the final simplified expression is:
\[
\frac{m^{12} n^{12}}{8}
\]