PLEASE SHOW AND EXPLAIN EACH EXCEL CALCULATION 1. Columbus, Ohio advertised for bids for the purchase of $4.5 million principal amount of Waste Water Revenue Bonds. Bonds will be delivered on June 1, 2023, and the interest will be paid on June 1st of the following years. The bonds mature as follows:

Maturity Date	Amount ($)
6/1/2028	150,000
6/1/2029	200,000
6/1/2030	200,000
6/1/2031	250,000
6/1/2032	300,000
6/1/2033	300,000
6/1/2034	350,000
6/1/2035	450,000
6/1/2036	500,000
6/1/2037	800,000
6/1/2038	1,000,000

The City received three competing bids for the Waste Water Revenue Bonds. The three offers are as follows:

From C Securities:

• The City receives $4.25 million dollars

• The Interest Rates for the serial bonds with maturities:

  o 2028 through 2030, 3.2 percent o 2031 through 2038, 4.7 percent

  From P Incorporated:

• The City Receives $4.5 million dollars

• The Interest Rates for the serial bonds with maturities:

  o 2028 through 2030, 2.75 percent o 2031 through 2035, 3.28 percent o 2036 through 2038, 4.50 percent

  From A Corp:

• The City receives $4.65 million dollars

• The Interest rates for the serial bonds with maturities:

  o 2028 to 2033, 3.0 percent o 2034 to 2038, 4.25 percent

For each bid, compute the net interest cost (NIC) and the true interest cost (TIC). Which bid is more advantageous for the city?

PLEASE SHOW AND EXPLAIN EACH EXCEL CALCULATION