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Activision Corporation is thinking about permanently adding $112 million of debt to its capital structure. Activision's corporate tax rate is 35% and investors pay a

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Activision Corporation is thinking about permanently adding $112 million of debt to its capital structure. Activision's corporate tax rate is 35% and investors pay a tax rate of 39% on their interest income and 15% on their income from capital gains and dividends. The present value of the interest tax shield provided by this new debt is closest to

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