8. 10.30 Timken Roller Bearing is a manufacturer of seamless tubes for drill bit collars. The company is planning to add larger capacity robotic arms to one of its assembly lines 3 years from now. If done now, the cost of the equipment with installation will be $2.4 million. If the company’s real MARR is 15% per year, what is the equivalent amount the company could spend 3 years from now in future dollars? Inflation is 2.8% per year.