Present and future value tables of $1 at 11% are presented below. PV of $1 PV of $1 PVA of $1 PVA of $1 10.90090 1.11000 0.90090 1.0000 20.81162 1.23210 1.71252 2.1100 30.73119 1.36763 2.44371 3.3421 40.65873 1.51807 3.10245 4.7097 50.59345 1.68506 3.69590 6.2278 60.53464 1.87041 4.23054 7.9129 Titanic Corporation leased executive limousines under terms of $30,000 to be paid at the inception of the lease, and four equal annual payments of $40,000 to each be paid thereafter on the anniversary date of the lease. The interest rate implicit in the lease is 11%. The first year's interest expense would be:( Round your intermediate calculations and final answers to the nearest dollar amount.)