The French government offers K-Roo Ltd. a 3-year, EUR 50,000 loan to incentivize it to invest in a French business opportunity Although loans of similar risk typically yield a return of EUR = 15% p.a, the French government offers an interest rate of EUR = 10% p.a. Assume the loan is paid off in equal annual installments over a three-year period, and K-Roo pays interest on the remaining principal amount If the French tax rate is 50%, what is the before-tax present value of the interest subsidy on this loan? Select one: a. EUR 5246 b. EUR 3979 c. EUR 3250 d. EUR 5000 e. EUR 2500 f. None of these