Determine the simple interest. The rate is an annual rate. Assume 360 days in a year. \( \mathrm{p}=\$ 310, \mathrm{r}=7.25 \%, \mathrm{t}=2.75 \) years The simple interest is \( \$ \square \). (Round to the nearest cent as needed.)

1. Write the formula for simple interest: \[ I = P \times r \times t \] 2. Substitute the given values: - \( P = 310 \) dollars, - \( r = 7.25\% = 0.0725 \) (as a decimal), - \( t = 2.75 \) years. \[ I = 310 \times 0.0725 \times 2.75 \] 3. Calculate the product step by step: - First, calculate \( 310 \times 0.0725 \): \[ 310 \times 0.0725 = 22.475 \] - Next, multiply by \( 2.75 \): \[ 22.475 \times 2.75 \approx 61.80625 \] 4. Round the result to the nearest cent: \[ I \approx \$61.81 \] The simple interest is \( \$61.81 \).