Arnell Industries has $20 million in permanent debt outstanding. The firm will pay interest only on this debt. Arnell's marginal tax rate is expected to be 35% for the foreseeable future. a. Suppose Arnell pays interest of 7% per year on its debt. What is its annual interest tax shield? b. What is the present value of the interest tax shield, assuming its risk is the same as the loan? c. Suppose instead the interest rate on the debt were 5%. What is the present value of the interest tax shield in this case? a. Suppose Arnell pays interest of 7% per year on its debt. What is its annual interest tax shield? If Arnell pays interest of 7% per year on its debt, the annual interest tax shield is $ million. (Round to three decimal places.) b. What is the present value of the interest tax shield, assuming its risk is the same as the loan? The present value of the interest tax shield is $ million. (Round to one decimal place.) c. Suppose instead the interest rate on the debt were 5%. What is the present value of the interest tax shield in this case? If instead the fair interest rate on the debt is 5%, the present value of the interest tax shield is $ million. (Round to one decimal place.) d. What are Kurz's market value balance sheet and share price after the share repurchase? Market value of assets after share repurchase is $ million. (Round to one decimal place.) Debt after share repurchase is $ million. (Round to the nearest million.) Market value of equity after share repurchase is $| million. (Round to one decimal place.) Share price after repurchase is $. (Round to two decimal places.)