1. Seattle, Washington advertised for bids for the purchase of $4.5 million principal amount of Waste Water Revenue Bonds. Bonds will be delivered on June 1st, 2023 and the interest will be paid on June 1st of the following years. The bonds matures as follows:

Maturity Date	Amount ($)
06/01/2028	150,000
06/01/2029	200,000
06/01/2030	200,000
06/01/2031	250,000
06/01/2032	300,000
06/01/2033	300,000
06/01/2034	350,000
06/01/2035	450,000
06/01/2036	500,000
06/01/2037	800,000
06/01/2038	1,000,000

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

From Rogue Securities:

* The City receives $4.2 million dollars

* The interest rates for the serial bonds with maturities:

* 2027 through 2030, 3.33%

* 2031 through 2037, 4.00%

Calculate the NIC and TIC and explain each step.