It is the end of 1995. Texas Pacific Group (TPG), a U.S. based private equity firm with a newly opened London office is planning to purchase a controlling stake in Ducati Motor Holdings, an Italian motorcycle company. The analysts at TPG are projecting debt of $280 million in the first year of the buyout (i.e. at the end of 1996). This debt will be completely paid off by 2003. The following are the outstanding debt levels forecasted by TPG for Ducati following the buyout. 1995 1996 1997 1998 1999 2000 2001 2002 2003 Debt $280.00 $247.50 $240.00 $195.50 $149.50 $99.30 $46.30 $- The cost of debt is 11.25%. Ducati is subject to a 53.5% tax rate. What is the value of tax shields in this transaction? Assume that the risk of tax shields is the same as the risk of debt. For convenience, assume that interest is paid on the end-of-year debt values. Input your answer to the nearest two decimal places without the $ sign or commas.