Orlando advertised for bids for the purchase of $3 million principal amount of Waste Water Revenue Bonds. Bonds will be delivered on April 1, 2021, and the interest will be paid on April 1st of the following years. The bonds mature as follows: Maturity Date Amount ($) 4/1/2025 100,000 4/1/2026 100,000 4/1/2027 100,000 4/1/2028 100,000 4/1/2029 200,000 4/1/2030 200,000 4/1/2031 250,000 4/1/2032 250,000 4/1/2033 250,000 4/1/2034 700,000 4/1/2035 750,000 The City received three competing bids for the Waste Water Revenue Bonds. The three offers are as follows: From Rogue Securities: The City receives $3.5 million dollars The Interest Rates for the serial bonds with maturities: o 2025 through 2030, 5.50 percent o 2031 through 2035, 6.00 percent From Johnson-Miller: The City Receives $3 million dollars The Interest Rates for the serial bonds with maturities: o 2025 through 2027, 4.35 percent o 2028 through 2032, 5.25 percent o 2033 through 2035, 6.50 percent From Shostak Corp: The City receives $2.9 million dollars The Interest rates for the serial bonds with maturities: o 2025 to 2032, 5.75 percent o 2033 to 2035, 6.25 percent For each bid, compute the net interest cost (NIC) and the true interest cost (TIC). Which bid is more advantageous for the city?