A company has a WACC equal to 15.00%, a constant and perpetual expected EBITDA equal to 3,100,000 Euro, an unlevered return on equity of 22.53% and it keeps a constant debt-to-equity ratio. If the tax rate is equal to 25% and the assets are fully depreciated,
Required:
Question: What is the value of the interest rate tax shield?
Please show your all workings out.