The maximum stress is calculated using a multiplying factor of the applied stress - the concentration factor K.
K can be found from charts such as that below, provided from Mechanics of Materials by Beer, Johnston, and DeWolf
Now that we have calculated the expected maximum normal stress, we are ready to do a simulation in ANSYS Workbench! Open ANSYS Workbench by going to Start > ANSYS > Workbench. This will open the start up screen seen as seen below