To raise $6,000,000 to expand into new markets, a very successful laptop manufacturing company issued bonds with a coupon rate of 3.50% compounded semiannually, paying interest every 6 months, and redeemable in 19 years. They established a sinking fund to retire this debt on maturity and made equal deposits into the fund at the end of every 6 months. a. If the fund was earning 2.25% compounded semi-annually, calculate the periodic cost of the debt. Round the sinking fund payment up to the next cent b. Calculate the book value of the debt at the end of 8 years. Round to the nearest cent