Question $2$

$2pts$

American Food Services, Incorporated, acquired a packaging machine on January $1,2024.$

In payment for the $$5\mathrm{.}6$ million machine, American Food Services issued a four$-$year installment note to be paid in four equal payments of $$1,766,634$ at the end of each year.

The payments include interest at the rate of $10\%.$

Required: What is interest expense related to this note for year $1?$