Suppose a Project Financed Via an Issue of Debt Requires

Suppose a project financed via an issue of debt requires six annual interest payments of $20 million each year. If the tax rate is 30% and the cost of debt is 8%, what is the value of the interest rate tax shield?

A) $32.64 million
B) $23.20 million
C) $31.35 million
D) $27.74 million