The World Bank offers you a subsidized loan if you undertake a power generation project in Kenya. The nonamortized loan will be for £100 million and is to be repaid over five years at 10 percent compounded quarterly (2.5 percent per quarter) with quarterly interest payments. The market rate of interest on similar loans is 12 percent compounded quarterly (3 percent per quarter). The corporate income tax rate is 35 percent both domestically and in Kenya. What is the present value of this financing subsidy?