In September​ 2008, the IRS changed tax laws to allow banks to utilize the tax loss carryforwards of banks they acquire to shield their future income from taxes​ (prior law restricted the ability of acquirers to use these​ credits). Suppose Fargo Bank acquires Covia Bank and with it acquires $ 74$74 billion in tax loss carryforwards. If Fargo Bank is expected to generate taxable income of $ 10$10 billion per year in the​ future, and its tax rate is 30 %30%​, what is the present value of these acquired tax loss carryforwards given a cost of capital of 8 %8%​?