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ECB borrows $ 3 0 0 , 0 0 0 USDs by issuing 5 - year bonds. ECB's cost of debt is 5 % ,

"ECB borrows $300,000 USDs by issuing 5-year bonds. ECB's cost of debt is 5%, so it will need to pay $15,000 USDs in interest each year for the next 5 years, and then repay the principal $300,000 USD in year 5. ECB's marginal tax rate will remain 35% 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 $500, enter 500 as an answer."

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