Ex4) A town needs $1,000,000 for capital improvements. The town administration decides to finance the improvements with a 30-year bond that will pay 5% per annum interest twice a year. A sinking fund is to be set up 5 ears in advance of the due date for the bonds to be paid off. The administration projects the sinking fund to have monthly payments and to earn 4% interest compounded monthly. (a) What are the semiannual payments on the bond? (b) What is the monthly payment required for the sinking fund