(8) In 2008, California voters approved Proposition 1A, which provides that the state shall issue bonds amounting to $9.95 billon "to establish a clean, efficient high-speed train service linking Southern California, the Sacramento San Joaquin Valley, and the San Francisco Bay Ara The measure explicitly refers to externalities which may rationalize this expenditure, including "reducing air pollution, global warming 5 greenhouse gases, and our dependence on foreign oil a) If the state sells bonds with a maturity of 30 years at auction, and receives 23 cents (now, in 2011) for every dollar it will have to repay in 30 years, then what's the implied yield on the bonds (annualized interest rate)? b) Suppose that the benefits from the high-speed train service are worth Sb per year starting in 2022, but that the present value of those future benefits is discounted using an interest rate of five percent per year. What's the smallest value of b which makes the construction of the high-speed rail system worthwhile