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PLEASE ROUND TO 3 DECIMAL PLACES Braxton Enterprises currently has debt outstanding of $55 million and an interest rate of 10%. Braxton plans to reduce
PLEASE ROUND TO 3 DECIMAL PLACES 
Braxton Enterprises currently has debt outstanding of $55 million and an interest rate of 10%. Braxton plans to reduce its debt by repaying $11 million in principal at the end of each year for the next five years. If Braxton's marginal corporate tax rate is 25%, what is the interest tax shield from Braxton's debt in each of the next five years? The interest tax shield in year one is $ million. (Round to three decimal places.) Step by Step Solution
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Financial Markets And Institutions
Authors: Jeff Madura
5th Edition
0324027443, 9780324027440
