Braxton Enterprises currently has debt outstanding of $40 million and an interest rate of 8%. Braxton plans to reduce its debt by repaying $ 8 million in principal at the end of each year for the next three years. If Braxton's marginal corporate tax rate is 25%, what is the interest tax shield from Braxton's debt in each of the next three years? What is the present value of the tax shield over the next three years?