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Your boss at Crane Company asks you how much additional debt the company would have to add through a capital restructuring in order to create

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Your boss at Crane Company asks you how much additional debt the company would have to add through a capital restructuring in order to create $6 million in present value from the resulting interest tax shields. What would you tell him if the debt will have no maturity and if Crane is subject to a 32 percent marginal tax rate? (Enter amount in dollars.) Present value of Crane's additional debt $

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