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Al-Biruni Inc. borrowed $10 millions at the beginning of 2022 with an annual interest rate...

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Finance

Al-Biruni Inc. borrowed $10 millions at the beginning of 2022 with an annual interest rate of 9.4%. The EBIT recorded for that year was $2.0 million, and tax percentage for the company was 34%.

Calculate the INTEREST TAX SHIELD for the company for the year 2022?

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