15-7, please see attached. I need the excel formulas and associated answers. Thank you.

Problem 15-7 Ten years have passed since Arnell issued $10 million in perpetual interest-only debt 6% annual coupon. Tax rates have remained the same at 35% but interest rates have d so Arnell's current cost of debt capital is 4%. a. What is Arnell's annual interest tax shield? b. What is the present value of the interest tax shield today? Interest rate Tax rate Amount of debt Discount rate 6.00% 35% $10,000,000 4.00% a. What is Arnell's annual interest tax shield? Interest payment Annual interest tax shield b. What is the present value of the interest tax shield today? PV(interest tax shield) Requirements 1. In cell D15, by using cell references, calculate the annual interest payment (1 pt.). 2. In cell D16, by using cell references, calculate the annual interest tax shield (1 pt.). 3. In cell D20, by using cell references, calculate the present value of the annual interest shield (1 pt.). erpetual interest-only debt with a % but interest rates have dropped nterest payment (1 pt.). nterest tax shield (1 pt.). value of the annual interest tax