Cooperative wants to invest $47,000 in a short-term deposit. The bank offers 2.8% interest for a one-year term and 2.7% for a six-month term.

(a) How much would New Grains receive if the $47,000 is invested for one year?

(b) How much would New Grains receive at the end of one year if the $47,000 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)?

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Part 1

(a) After one year, New Grains will have $enter your response here.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Part 2

(b) One year after the initial investment, New Grains will have $enter your response here.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Part 3

(c) The one-year rate to yield the same amount of interest as the investment described in part (b) is enter your response here%.