In 2019. Rascal Toyz paid out $150 million in interest on debt. How much higher would Rascal's tax bill have been in 2019 if the firm had been entirely equity-financed? What is the present value of Rascal's interest tax shield if the company keeps its borrowing permanently at this level? Assume an interest rate of 10% and a corporate tax rate of 40%. $600 million more tax; $60 million present value tax shield $60 million more tax: $600 million present value tax shield $37.5 million more tax: $375 million present value tax shield $375 million more tax $37.5 million present value tax shield