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Establishment Industries borrows $1,180 million at an interest rate of 8.4%. It expects to maintain this debt level into the far future. Establishment will pay

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Establishment Industries borrows $1,180 million at an interest rate of 8.4%. It expects to maintain this debt level into the far future. Establishment will pay tax at an effective rate of 37%. What is the present value of interest tax shields? (Round your answer to the nearest cont.) Present value of interest tax shields million References Worksheet Problem 16-4 Value of Tax Shields (LO2)

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