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Assume that Microsoft has a total market value of $301.9 billion and a marginal tax rate of 35%. If it permanently changes its leverage from

Assume that Microsoft has a total market value of $301.9 billion and a marginal tax rate of 35%. If it permanently changes its leverage from no debt by taking on new debt in the amount of 13.4% of its current market value, what is the present value of the tax shield it will create?

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