Suppose the interest rate is $4\mathrm{.}4\%.$

a$.$ Having $$550$ today is equivalent to having what amount in one year?

b$.$ Having $$550$ in one year is equivalent to having what amount today?

c$.$ Which would you prefer, $$550$ today or $$550$ in one year? Does your answer depend on when you need the money? Why or why not?

a$.$ Having $$550$ today is equivalent to having what amount in one year?

It is equivalent to $ $($Round to the nearest cent.$)$