Final answer:
The simple interest for the given values is $57.93.
Step-by-step explanation:
The simple interest can be calculated using the formula:
Simple Interest = Principal * Rate * Time
Using the given values:
Principal (p) = $420
Rate (r) = 2.75% = 0.0275
Time (t) = 5.25 years
Substituting the values into the formula:
Simple Interest = $420 * 0.0275 * 5.25
Solving the expression:
Simple Interest = $57.925
Rounding to the nearest cent:
Simple Interest = $57.93