Avco is investing $100 million in a new project. To finance this investment the company will issue $100 million of new debt in the form of a 4-year bond. The bond will be repaid in one bullet payment after 4 years. The cost of debt associated with this bond is 4% and the marginal corporate tax rate of Avco is 20%. Using the APV method, what is the present value of the tax shields (v.7) associated with this project? Select one. 1. $0.77 million O II. $20.00 million O III. $11.62 million IV. $0.80 million O v. $2.90 million