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Firm A borrowed a 5 year, nonamortizing loan at a cost of 7%. Firm paid total flotation cost of $14,000 at the time of borrowing.

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Firm A borrowed a 5 year, nonamortizing loan at a cost of 7%. Firm paid total flotation cost of $14,000 at the time of borrowing. The flotation cost will be amortized over 5 year. Corporate tax rate is 34%. What is the annual flotation cost tax shield? (DO NOT round intermediate steps, round your final answers into WHOLE DOLLAR, WITHOUT decimal, for example : 180)

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