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.)
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To calculate simple interest, you can use the formula: \[ I = P \times r \times t \] where: - \( I \) is the interest, - \( P \) is the principal amount (\$617), - \( r \) is the daily interest rate (0.045% = 0.00045), and - \( t \) is the time in days (12 months = 360 days). Plugging in the values: \[ I = 617 \times 0.00045 \times 360 \] \[ I = 617 \times 0.00045 \times 360 = 100.0203 \] Rounding to the nearest cent, the simple interest is approximately **\$100.02**.