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Mountain Grains Cooperative wants to invest $44,000 in a short-term deposit. The bank offers 2.8% interest for a one-year term and 2.7% for a six-month
Mountain Grains Cooperative wants to invest $44,000 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 Mountain Grains receive if the $44,000 is invested for one year? (b) How much would Mountain Grains receive at the end of one year if the $44,000 is invested for six months and then the principal and interest eared 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)? (a) After one year, Mountain Grains will have s (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) One year after the initial investment, Mountain Grains will have $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed) (c) The one-year rate to yield the same amount of interest as the investment described in part (b) is % (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)
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