To finance its budget deficit for the fiscal year 2018, Spain decided to issue an euro bond to raise $3 Billion. The finance minister received approval to issue the bond with a coupon rate of 10% per year with semi annual payments with a 30 year maturity date. At the time the bond was issued, the market conditions had changed and the market interest rate had risen to 12% per year. If the bond was under subscribed and only 90% of the original bond amount was sold in the market:

1- Draw an annuity cash flow diagram for the bond.

2- How much did Spain raise from the bond sale?

3- If Spain decides to buy all the bonds back with a promise of paying an effective annual interest rate of 14.49% after 15 years of the sale, how much will Spain spend on buying all the bonds for?

This is engineering economic analysis