Final answer:
To calculate how much money Mr. Prasad will have in his savings account at the end of the first year, you can use the simple interest formula. Based on the information given in the question, we can assume that he would have $660.00 at the end of the first year.
Step-by-step explanation:
To calculate how much money Mr. Prasad will have in his savings account at the end of the first year, we can use the simple interest formula. The formula is: Interest = Principal × Rate × Time. In this case, the principal is $55.00 (the amount Mr. Prasad saves every month), the rate is the annual interest rate (which is not given in the question), and the time is 1 year.
Since the interest rate is not given, we cannot calculate the exact amount Mr. Prasad will have in his account. However, we can use the example provided in the question to understand the concept of compound interest. In the example, a deposit of $100 at a simple interest rate of 5% held for one year results in an interest of $5. Applying the same concept to Mr. Prasad's savings account, we can assume that he would have $55.00 × 12 months = $660.00 at the end of the first year.