Suppose the interest rate is 4.4%. a. Having $500 today is equivalent to having what amount in one year? b. Having $500 in one year is equivalent to having what amount today? c. Which would you prefer, $500 today or $500 in one year? Does your answer depend on when you need the money? Why or why not? Suppose you invest $1,200 in an account paying 7% interest per year. a. What is the balance in the account after 2 years? How much of this balance corresponds to "interest on interest"? b. What is the balance in the account after 28 years? How much of this balance corresponds to "interest on interest"?