The presence value of tax shield is =522,000,000
Tax shields is calculate by substraction cash flow form two different sessions.
To determine the present value for first session
Market value = $300 billion
Tax rate = 20%
Debt = 0
Tax payable= Tax rate/100% * Market Value
Tax payable = 20/100× $300 billion
= 600,000,000
To get present value of tax
Market value = $300 billion
Tax rate = 20%
Debt = 13% of $300 billion
= 390,000,000
Present Market Value = $300 billon - 390,000,000
= 2,610,000,000 i.e $2.6billion
Tax payable = 20/100 × $2.6 billion
=522,000,000
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