You are given the following table showing the end of year net debt for a target firm. The cost of net debt is 7.6 percent and the corporate tax rate is 21 percent. Calculate the present value of the tax shield generated in the three-year period.

Year	0	1	2	3
End of year net debt	$20,500	$27,000	$30,000	$35,000

Group of answer choices

$1,843

$1,621

$1,060

$1,250

$1,477