Rappaport Industries has 5,100 perpetual bonds outstanding with a face value of $2,000 each. The bonds have a coupon rate of 5.9 percent and a yield to maturity of 6.2 percent. The tax rate is 39 percent. What is the present value of the interest tax shield?

$601,800

$246,636

$3,978,000

$3,580,200

$234,702