The Town of Hill Valley is issuing a 30-year bond with a face value of $50,000,000 and a stated annual interest rate of 4 percent. The town will make interest payments twice a year. 

1. Calculate the semiannual interest payment.
2. Calculate how much Hill Valley will receive from the bond offering under the following conditions:
a. Market interest rates remain unchanged at the time of the offering.
b. Market interest rates increase to 4.2 percent at the time of the offering.