(2 points) Suppose the city of Tucson issued a 30-year $1 million bond to fund a capital project at an interest rate of 6% one year ago. The debt was to be paid off in 30 years with equal annual payment. The city just made the first annual payment on the debt very recently. Over the past year, the interest rate has dropped and it is now standing at 4%. The city wants to refinance the debt at 4% (meaning issuing a new debt to pay off what remains of the old debt) and pay off the new debt over the remaining 29 years with 29 equal annual payments. Please answer the following two questions. (Again, write out as many steps as you can in arriving at your answer.) a. What was the annual debt payment on the original 30-year bond issued a year ago? (1) b. How much will the city save in annual debt payment in the remaining 29 years after refinancing the debt? (1)