Activision Corporation is thinking about permanently adding $112 million of debt to its capital structure. Activision's corporate tax rate is 35% and investors pay a tax rate of 39% on their interest income and 15% on their income from capital gains and dividends. The present value of the interest tax shield provided by this new debt is closest to:

Select one:

a. $67.0 million

b. $39 million

c. $10.6 million

d. $100 million