Braxton Enterprises currently has debt outstanding of $50 million and an interest rate of 7%. Braxton plans to reduce its debt by repaying $10 million in principal at the end of each year for the next five years. If Braxton's marginal corporate tax rate is 30%, what is the interest tax shield from Braxton's debt in each of the next five years?
The interest tax shield in year one is $___million. ? (Round to three decimal places.)
The interest tax shield in year two is ___million.? (Round to three decimal places.)
The interest tax shield in year three is ___ million. ?(Round to three decimal places.)
The interest tax shield in year four is $ ____million. ?(Round to three decimal places.)
The interest tax shield in year five is ___ million.? (Round to three decimal places.)