Rappaport Industries has 5,300 perpetual bonds outstanding with a face value of $2,000 each. The bonds have a coupon rate of 5.7 percent and a yield to maturity of 5.9 percent. The tax rate is 21 percent. What is the present value of the interest tax shield? (2) 1) $2,226,000 2) $243,906 3) $604,200 4) $3,720,600 5) $235,638