Grecian Tile Manufacturing of Athens, Georgia, borrows $1,500,000 at LIBOR plus a lending margin of 1.45 percent per annum on a six-month rollover basis from a London bank. If six-month LIBOR is 5.50 percent over the first six-month interval and 5.475 percent over the second six-month interval, how much will Grecian Tile pay in interest over the first year of its Eurodollar loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.)