Your firm currently has $104 million in debt outstanding with a 9% interest rate. The terms of the loan require it to repay $26 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?

Part 1 The present value of the interest tax shields is _ million.(Round to two decimal places.)