Answer:
Step 1: Calculate the raise amount.
Raise Amount = 7.5% of Peter's current salary
Raise Amount = 7.5/100 * $61500
Step 2: Add the raise amount to Peter's current salary to get his new salary.
New Salary = Current Salary + Raise Amount
New Salary = $61500 + (7.5/100 * $61500)
Now, let's do the calculations:
Raise Amount = 0.075 * $61500 = $4612.50
New Salary = $61500 + $4612.50 = $66112.50
After the 7.5% raise, Peter's new annual salary will be $66112.50.