Today is January 1, 2009. The state of Iowa has offered your firm a subsidized loan. It will be in the amount of $10,000,000 at an interest rate of 5 percent and have ANNUAL (amortizing) payments over 3 years. The first payment is due today and your taxes are due January 1 of each year on the previous year's income. The yield to maturity on your firm's existing debt is 8 percent. What is the NPV of this subsidized loan? (Note that I did not round my intermediate steps. If you did, your answer may be off by a bit. Select the answer closest to yours.)

		$406,023.10
		$840,797
		$64,157.38
		$20,659.77