White Cliffs County needs to borrow money to pay to replace lead pipes in the water system. The cost of the project will be fifty million dollars. The bonds, which have semi-annual interest payments, will have a stated interest rate of 4 percent. Calculate the semiannual interest payment. Calculate how much White Cliffs County will receive from the bond offering under the following conditions: Market interest rates remain unchanged at the time of the offering. Market interest rates increase to