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Default Currency & hours

Hi

Format A1 as time / hrs:mins.
Enter 04:35 in A1 - it's the amount of time someone works.
Format B1 as currency.
Enter $10 in B1 - the workers hourly rate.
Format C1 as Currency.
In C1, multiply A1 by B1 - and the answer is clearly wrong.

It doesn't work because I'm multiplying hours & mins by a decimal.

But how do I get this to work correctly?

Hope someone can provide a simply answer for a newbie to Excel!
 
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