2. New Grains Cooperative wants to invest $44,000 in a short-term deposit. The bank offers 1.4% interest for a one-year term and 1.3% for a six-month term.

(a) How much would New Grains receive if the $44,000 is invested for one year?

(b) How much would New Grains receive at the end of one year if the $44,000 is invested for six months and then the principal and interest earned is reinvested for another six months?

(c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part (b)?