Bay Transport Systems (BTS) currently has

$65

million in debt outstanding. In addition to

7.5%

interest, it plans to repay

10%

of the remaining balance each year. If BTS has a marginal corporate tax rate of

21%,

and if the interest tax shields have the same risk as the loan, what is the present value of the interest tax shield from the debt?

The present value is

$nothing

million. (Round to two decimal places.)