Calculate the Decimal Product: 0.01 × 55.31 Step-by-Step

To solve this problem, we'll follow these steps:

• Step 1: Multiply the numbers as if they were whole numbers.
• Step 2: Count the total number of decimal places in both the numbers and place the decimal point in the product accordingly.

Now, let's work through each step:
Step 1: Multiply $55.31$ by $1$, which gives $55.31$.
Step 2: Since $0.01$ has 2 decimal places, moving the decimal place in $55.31$ two places to the left gives us $0.5531$.

Therefore, the solution to the problem is $0.5531$, which corresponds to choice $3$.