You need to choose between making a public offering and arranging a private placement. In each case the issue involves $9.3 million face value of 10-year debt. You have the following data for each: A public issue: The interest rate on the debt would be 8.15%, and the debt would be issued at face value. The underwriting spread would be 1.67%, and other expenses would be $73,000. A private placement: The interest rate on the private placement would be 8.3%, but the total issuing expenses would be only $23,000. a-1. Calculate the net proceeds from public issue. (Enter your answer in nearest dollars not in millions.)

a-2. Calculate the net proceeds from private placement. (Enter your answer in nearest dollars not in millions.)

b-1. Calculate the PV of extra interest on private placement. (Enter your answer in dollars not in millions. Round your answer to 2 decimal places.)