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The town of centerville is building a new city hall. It plans on selling bonds to finance the construction. The initial cost of construction is

The town of centerville is building a new city hall. It plans on selling bonds to finance the construction. The initial cost of construction is $2,400,000. The maintenance costs for the structure are expected to be $100,000 the first year and to increase by $6,000 each year over the life of 50 years. There will also be major roofing, HVAC, painting, and structural revisions occurring a the 20th and 40th years that will cost $300,000. Interest is 8%. What is the total amount of the bond offering that will include the initial cost, annual maintenance, and special major repairs?

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