Suppose that Cobb County is going to build a new public park. Construction of the park will cost $15 million. The county plans to raise $10 million through the sell of municipal bonds and $5 million through an increase in property taxes. If the county issues a $10 million, 10-year municipal bond at a 6% coupon rate, how much will it have to pay each year for the next 10 years in order to pay off the bond? $679,339.79 $1,358,679.58 $2,038,019.37 $166,666,666.67 Suppose that Cobb County is going to build a new public park. Construction of the park will cost $15 million. The county plans to raise $10 million through the sell of municipal bonds and $5 million through an increase in property taxes. Suppose the county issues a $10 million, 10-year municipal bond at a 6% coupon rate to pay for the municipal bonds. If Cobb County's net assessed value of property is $1.5 billion, how much must the millage rate be increased to raise the funds to pay for the park? 4.24 mills O 0.91 mills 3.33 mills 7.12 mills Suppose you purchased a sporting goods store for $350,000. When you purchased the store, the millage rate was 20 mills. Then Cobb County decides to build a new public park. Construction of the park will cost $15 million. The county plans to raise $10 million through the sell of municipal bonds and $5 million through an increase in property taxes. Suppose the county issues a $10 million, 10-year municipal bond at a 6% coupon rate to pay for the municipal bonds. If Cobb County's net assessed value of property is $1.5 billion and the assessment ratio is 40%, how much additional property tax can you expect to pay on your store every year due to the increase in property taxes to fund the new public park? $3,393.48 $3.39 $466.67 $593.48