1. Columbus, Ohio advertised for bids for the purchase of $4.5 million principal amount of WasteWater Revenue Bonds. Bonds will be delivered on June 1, 2023, and the interest will be paid on June 1st of the following years. The bonds mature as follows: Maturity Date Amount ($) 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 Larson Securities: The City receives $4.25 million dollars The Interest Rates for the serial bonds with maturities: 2028 through 2030, 3.2 percent 2031 through 2038, 4.7 percent From Lucy & Lily Incorporated: The City Receives $4.5 million dollars The Interest Rates for the serial bonds with maturities: 2028 through 2030, 2.75 percent 2031 through 2035, 3.28 percent 2036 through 2038, 4.50 percent From Screaming Corp: The City receives $4.65 million dollars The Interest rates for the serial bonds with maturities: 2028 to 2033, 3.0 percent 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?