Suppose East Timber Company Ltd. is expected to have free cash flow in the coming year of $5.25 million and its free cash flow is expected to grow at a rate of 4% per year thereafter. East Timber has an equity cost of capital of 10% and a debt cost of capital of 6%, and it pays a corporate tax rate of 25%. If East Timber maintains a debt-equity ratio of 0.50, what is the value of its interest tax shield? (To receive full credit, show the calculations below)