Symul Co. keeps a constant debt-to-equity ratio policy. The company has an expected EBITDA that perpetually grows at a 2% annual rate. All the assets are fully depreciated. At the moment the debt-to-equity ratio is 1 3 and the cost of debt is 3.75%. The unlevered value of the rm is 13,759,800 and the unlevered return on equity is 8.45%. If the tax rate is 29%, what is the present value of the interest rate tax shield?

[605,514.72]

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