Ideas Inc is especting to have $14 billion in free cash flows one year from now which will grow at 1.2% in perpetuity. The company has a debt to equity ratio of 1.6 and a WACC of 8%. The required return of unlevered shareholders is 11.5%.

What is the present value of the interest tax shield following the model by Miller and Modigliani with taxes and a constant debt to value ratio? Answer should be rounded off to two decimal places (e.g., 23.243 should be 23.24) and any symbol (such as $) should be excluded from the answer.