A project costing $50 million is expected to generate unlevered after tax cash flows of $10 million a year for the next 10 years. The risk free rate is 3%, the firm’s asset beta is 1.5, required return on market is 12%, cost of debt is 8%, annual interest costs related to project are $2 million, and the tax rate is 40%. If you value this project with the APV method, what would be the PV of the tax shield associated with the loan?