Compute the present value of interest tax shields generated by these three debt issues. Consider corporate taxes only. The marginal tax rate is T_c = .40.

a. A $2,400, one-year loan at 7%. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value $

b. A three-year loan of $2,400 at 7%. Assume no principal is repaid until maturity. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value $

c. A $2,400 perpetuity at 6%.

Present value $