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A city advertised for bids for the purchase of $2 million principal amount of Sewage Works Revenue Bonds. Bonds will be delivered on April 1, 2017, and the interest will be paid on Ap st of the following years. The bonds mature as follows Maturity
Date Amount ($)
April 1, 2022 50,000
April 1, 2023 50,000
April 1, 2024 50,000
April 1, 2025 100,000
April 1, 2026 100,000
April 1, 2027 100,000
April 1, 2028 150,000
April 1, 2029 150,000
April 1, 2030 150,000
April 1, 2031 550,000
April 1, 2032 550,000
Question 1: The City received two competing bids for the Sewage Works Revenue Bonds. The two offers are as follows From Five Point Securities The City receives $2.5 million dollars The Interest Rates are as follows o 2022 through 2030, 5.50 percent o 2031 through 2032, 6.00 percent From Wellington-Nelson The City Receives $2 million dollars The Interest Rates are as follows o 2022 through 2024, 4.35 percent o 2025 through 2030, 5.25 percent of 2031 through 2032, 6.50 percent For each bid, compute the net interest cost (NIC) and the true interest cost (TIC). Which bid is more advantageous for the city?
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