Your firm currently has $ $116$ million in debt outstanding with a nbsp $9\%$ interest rate. The terms of the loan require the firm to repay $ $29$ million of the balance each year. Suppose the marginal corporate tax rate is $35\%$ and that the interest tax shields have the same risk as the loan. What is the present value of the interest tax shields from this$$ debt?

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Part $1$

The present value of the interest tax shields is $$$

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