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 December $31,2009$ 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 APV 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.

Group of answer choices

$$$$3,497,224\mathrm{.}43$

$$417,201\mathrm{.}05$

$$840,797$

none of the options