JazzHandz Inc. has $300 million in market equity and $200 million in outstanding debt (public bonds). The YM on their bonds is 10%, and the corporate tax rate is 25%. Assuming the company is profitable and plans to maintain the same debt levels in the future, what is the present value of the interest tax shield? Suppose Apple has no debt and a WACC of 10%. The average debt-to-value ratio for the software industry is 8%. Assume no taxes, frictions, etc. What would be its cost of equity if it took on the average amount of debt for its industry at a cost of debt of 6%?