Next year Biontech expects to generate FCFs of $700,000, which are expected to grow at a rate of 5% per year thereafter. Biontech has an equity cost of capital of 11%, a debt cost of capital of 7%, and it is in the 40% corporate tax bracket. If Biontech currently maintains a 0.8 debt to equity ratio, then the value of Biontech's interest tax shield is closest to:

Select one:

a. $20 million

b. $19 million

c. $4 million

d. $7 million