Suppose the interest rate is 3.7%. a. Having $400 today is equivalent to having what amount in one year? b. Having $400 in one year is equivalent to having what amount today? c. Which would you prefer, $400 today or $400 in one year? Does your answer depend on when you need the money? Why or why not? a. Having $400 today is equivalent to having what amount in one year? It is equivalent to $. (Round to the nearest cent.) b. Having $400 in one year is equivalent to having what amount today? It is equivalent to $ . (Round to the nearest cent.) c. Which would you prefer, $400 today or $400 in one year? Does your answer depend on when you need the money? Why or why not? "Because money today is worth more than money in the future, $400 today is preferred to $400 in one year. This answer is correct even if you don't need the money today, because by investing the $400 you receive today at the current interest rate, you will have more than $400 in one year." Is the above statement true or false