On January 1, 2022, Central City issued a 20-year serial bond to finance improvements to the water distribution system. Bonds with face value of $80 million were issued with coupon and maturity rates as follows:

Central City received $80,500,000 from the bond issue. Use a spreadsheet program to find the NIC and TIC interest rates for the bond issue. What would the values for NIC and TIC be if the interest rate were 4.2 percent for the bonds with a maturity before 2033 and 5 percent for the bonds with a maturity of 2033 or later?

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December 31, 2026 December 31, 2031 December 31, 2036 December 31, 2037 December 31, 2038 December 31, 2039 December 31, 2040 December 31, 2041 3.0% 3.5% 4.0% 4.1% 4.2% 4.3% 4.4% 4.5% $ 5,000,000 $ 5,000,000 $10,000,000 $10,000,000 $10,000,000 $10,000,000 $15,000,000 $15,000,000