Your firm has a market capitalization of 60,000,000 and debt of 20,000,000. It intends to maintain this debt-to-equity ratio. Free cash flows for the next year are 4,000,000. They are expected to grow 5% per year. The equity cost of capital is 0.12. The debt cost of capital is the risk-free rate. The corporate tax rate is 0.20. Calculate the present value of the tax shield assuming it is risk free.