If a firm permanently borrows $$100$ million at an interest rate of $8\%,$ what is the present value of the interest tax shield? $($Assume that the tax rate is $30\%)$

If a firm permanently borrows $$100$ million at an interest rate of $8\%,$ what is the present value of the interest tax shield? $($Assume that the tax rate is $30\%)$

$$30$ million

$$5\mathrm{.}6$ million

$$26\mathrm{.}67$ million

$$8$ million