Company x has a market capitalization of 5 million and debt of 1million. It intends to maintain this debt to equity ratio. Free cash flows for the next year are0.3 million. They are expected to grow 5% per year. The equity cost of capital is 0.12. The debt cost of capital is the risk free rate. The corporate tax rate is 0.23. Calculate the present value of the tax shield assuming it is risk free.