Markum Enterprises is considering permanently adding an additional $ 140 million of debt to its capital structure. Markum's corporate tax rate is 21 %

.a. Absent personal taxes, what is the value of the interest tax shield from the new debt?

b. If investors pay a tax rate of 37 % on interest income, and a tax rate of 20 % on income from dividends and capital gains, what is the value of the interest tax shield from the new debt?