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IBM issued $70 million in perpetual debt (at par) with an annual coupon rate of 8%. This is the only debt obligation on which IBM

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IBM issued $70 million in perpetual debt (at par) with an annual coupon rate of 8%. This is the only debt obligation on which IBM will pay interest. IBM's corporate tax rate is expected to be 21% and will remain this amount for the foreseeable future. What is IBM's annual interest tax shield? Please report your answer in millions $ rounded the one decimal place. Your Answer: Answer units

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