A local recreation commission is considering whether to build a new arena that is expected to cost $1.5 million. The members of the commission need to decide whether to borrow the money and levy a tax on the local property owners to pay for the repayment of the debt. The cost of borrowing the money is 12%, compounded semi-annually, with the interest being payable every six months. The money will be borrowed through the province and will require full payment in five years. If the commission decides to go ahead with the project, there will be a need to set up a sinking fund to handle the repayment of the debt. The sinking fund pays 10.25%, compounded annually. A friend of yours is a member of the commission and is complaining that he can't get the actual cost per year and the overall cost of the arena from the administration. Help him out by computing the annual and total cost of this project to the local taxpayers-total cost means the borrowing cost and sinking fund expenditures for the arena over the five year period.