Zeda, Inc., a U$.$S$.$ MNC$,$ is considering making a fixed direct investment in Denmark. The Danish government has offered Zeda a concessionary loan of DKK$15,000,000$ at a rate of $3$ percent per annum. The normal borrowing rate is $6$ percent in dollars and $5\mathrm{.}5$ percent in Danish krone. The loan schedule calls for the principal to be repaid in three equal annual installments. What is the present value of the Interest rate tax shield? The current spot rate is DKK$5\mathrm{.}60/$$$1\mathrm{.}00$ and the expected inflation rate is $3\%$ in the U$.$S$.$ and $2\mathrm{.}5\%$ in Denmark. The marginal tax rate in both countries is $34\%.$