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Suppose a project financed via an issue of debt requires five annual interest payments of $ 22 million each year. If the tax rate is

Suppose a project financed via an issue of debt requires five annual interest payments of $ 22 million each year. If the tax rate is 35% and the cost of debt is 5%, what is the value of the interest rate tax shield?

A.$ 26.7 million

B.$ 66.7 million

C.$ 33.3 million

D. $ 40.0 million

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