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Bayko wants to maintain its leverage at 76%. The cost of its capital own is 12%; the cost of its debt is 7%. Its rate

Bayko wants to maintain its leverage at 76%. The cost of its capital own is 12%; the cost of its debt is 7%. Its rate tax is 25% and its market capitalization is 220 million euros. The expected free cash flow is 10 million euros next year. What is the present value of the savings of tax realized thanks to the deductibility of interest?

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