Avco is investing $150 million in new project. To finance this investment the company will issue $150 million new debt in a form of 5-year bond. The bond will be repaid in the one bullet payment after 5 years. The cost of debt associated with this bond is 5% and marginal corporate tax rate of Avco is 35%. Using the APV method, what is the present value of the tax shields associated with this project?