Consider the investment in China from Problem 13.1. China Construction Bank is willing to provide you with a nonamortizing loan of CNY 600 million at its borrowing rate of 6.09 percent per annum payable over three years. If you were to finance the project locally in China, your yuan borrowing rate would be 8.15 percent per annum. What is the yuan value of this subsidized loan? China's corporate income tax rate is 25 percent.