Ten years have passed since Arnell issued $17 million in perpetual interest only debt with a 5 % annual coupon. Tax rates have remained the same at 35 % but interest rates have dropped, so Arnell's current cost of debt capital is 3 %.

a. What is Arnell's annual interest tax shield? The interest tax shield is $ _____. (Round to three decimal places.) b. What is the present value of the interest tax shield today? The present value of the interest tax shield is $ _______ million. (Round to two decimal places.)