Callaway Company is currently all-equity with EBIT of $12 million, a 30% tax rate, and a 15% cost of equity. Callaway is planning to issue debt in the form of five-year $78 million, 8% coupon bonds at an 8% YTM. At the end of the five years, Callaway will pay repay the bonds and return to being an all-equity firm. What is the PV of the tax savings from Callaway's decision?