Determine the simple interest. (The rate is an annual rate unless otherwise stated. Assume 360 days in one year.) \( \mathrm{p}=\$ 375, \mathrm{r}=7.75 \%, \mathrm{t}=90 \) days The simple interest is \( \$ \square \). (Round to the nearest cent as needed.)

To calculate the simple interest, you can use the formula: \[ \text{Interest} = P \times r \times t \] where: - \( P = 375 \) (the principal), - \( r = 0.0775 \) (the rate in decimal form, \( 7.75/100 \)), - \( t = \frac{90}{360} \) (the time in years, since we're using a 360-day year). Now plug in the values: \[ \text{Interest} = 375 \times 0.0775 \times \frac{90}{360} \] Calculating the time as a fraction of the year: \[ t = \frac{90}{360} = 0.25 \] Now substitute \( t \) back into the interest formula: \[ \text{Interest} = 375 \times 0.0775 \times 0.25 \] \[ = 375 \times 0.0194375 \] \[ = 7.3046875 \] Rounding to the nearest cent, the simple interest is approximately: \[ \text{Interest} \approx \$7.30 \] So, the simple interest is \( \$ 7.30 \).