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 = .34.

a. A $1,500, one-year loan at 6%. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value $

b. A five-year loan of $1,500 at 6%. Assume no principal is repaid until maturity. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value $

c. A $1,500 perpetuity at 5%.

Present value $