Determine the simple interest. (Assume 360 days in a year.) \( p=\$ 617, r=0.045 \% \) per day, \( t=12 \) months The simple interest on \( \$ 617 \) at \( 0.045 \% \) per day for 12 months is \( \$ \square \). (Round to the nearest cent.)

To determine the simple interest, we can use the formula for simple interest: \[ \text{Simple Interest} = \frac{p \times r \times t}{100} \] Given: - Principal amount \( p = \$617 \) - Rate of interest \( r = 0.045\% \) per day - Time period \( t = 12 \) months First, we need to convert the time period from months to days since the interest rate is given per day. There are 30 days in a month, so for 12 months, the total number of days is \( 12 \times 30 = 360 \) days. Now, we can substitute the given values into the formula to calculate the simple interest. Calculate the value by following steps: - step0: Calculate: \(\frac{\left(617\times 0.045\times 360\right)}{100}\) - step1: Remove the parentheses: \(\frac{617\times 0.045\times 360}{100}\) - step2: Multiply the terms: \(\frac{9995.4}{100}\) - step3: Convert the expressions: \(\frac{\frac{49977}{5}}{100}\) - step4: Multiply by the reciprocal: \(\frac{49977}{5}\times \frac{1}{100}\) - step5: Multiply the fractions: \(\frac{49977}{5\times 100}\) - step6: Multiply: \(\frac{49977}{500}\) The simple interest on $617 at 0.045% per day for 12 months is $99.954. Rounding to the nearest cent, the simple interest is $99.95.