I have a formula filled cell that is formatted custom hh:mm so for example A1 is 05:45 (5 hrs 45 minutes) Cell A2 is just the hourly chargeable rate e.g. £10.

How do i get cell A3 to return the number of hours x hrly rate - 5.75 hrs x 10 = £57.50? so A1 x A2 = A3.