b) AA Ltd is a major British multinational retailer with headquarters in London, England, that specialises in selling clothing, home products and food products. AA Ltd has just issued £50 million in debt (at par). The firm will pay a perpetual interest-only debt, with a 6% annual coupon. AA Ltd's marginal tax rate is expected to be 19% for the foreseeable future. AA Ltd's current cost of debt capital is 6%. What is the present value of the interest tax shield? c) KK Ltd is an Irish multinational fast-fashion retailer with headquarters in Dublin, Ireland. It is a subsidiary of Associated British Foods and has stores across Europe and in the United States. Suppose KK Ltd restructures its existing debt and will instead pay £90 million in interest each year for the next 10 years, and then repay the principal of $3 billion in year 10. These payments are risk free, and KK Ltd's marginal tax rate will remain 19% throughout this period. If the risk- free interest rate is 6%, by how much does the interest tax shield increase the value of KK Ltd? d) NN Plc is the second largest chain of supermarkets in the United Kingdom, with a 16.0% share of the supermarket sector. Founded in 1952 by Mr. NN with a shop in Bakers Street, London, the company was one of the largest UK retailers of groceries for most of the 21st century. NN Plc expects to have free cash flow in the coming year of $50 million, and its free cash flow is expected to grow at a rate of 5% per year thereafter. NN Plc has an equity cost of capital of 12% and a debt cost of capital of 8%, and it pays a corporate tax rate of 19%. If Western Lumber maintains a debt-equity ratio of 0.80, what is the value of its interest tax shield?