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ECB borrows $ 1 0 0 0 0 0 0 USDs by issuing 5 - year bonds. ECB's cost of debt is 4 % ,
"ECB borrows $ USDs by issuing year bonds. ECB's cost of debt is so it will need to pay $ USDs in interest each year for the next years, and then repay the principal $ USD in year ECB's marginal tax rate will remain throughout this period. By how much in USDs does the interest tax shield increase the value of ECB? Note: Express your answers in strictly numerical terms. For example, if the answer is $ enter as an answer."
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