The Landers Corporation needs to raise $$2\mathrm{.}10$ million of debt on a $20-$year issue. If it places the bonds privately, the interest rate will be $12$ percent. Thirty five thousand dollars in out$-$of$-$pocket costs will be incurred. For a public issue, the interest rate will be $10$ percent, and the underwriting spread will be $5$ percent. There will be $$90,000$ in out$-$of$-$pocket costs. Assume interest on the debt is paid semiannually, and the debt will be outstanding for the full $20-$year period, at which time it will be repaid. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.

For each plan, compare the net amount of funds initially available$$inflow$$to the present value of future payments of interest and principal to determine net present value. Assume the stated discount rate is $14$ percent annually. Use $7\mathrm{.}00$ percent semiannually throughout the analysis. $($Disregard taxes.$)$

Note: Assume the $$2\mathrm{.}10$ million needed includes the underwriting costs. Input your present value of future payments answers as negative values. Do not round intermediate calculations and round your answers to $2$ decimal places.