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Apple currently has $108B in debt and $100B worth of cash? Assuming that Apple plans to keep its level of debt constant forever, and that

Apple currently has $108B in debt and $100B worth of cash?


Assuming that Apple plans to keep its level of debt constant forever, and that its marginal tax rate is 25%?

What would be the impact on the tax shield of returning $20B in cash to investors in a repurchase program?

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