13. A firm is considering the purchase of a new equipment costing $6,763,285 which qualifies for a 30% CCA rate. This equipment has a 4-year life after which it can be sold for $766,260. The firm can lease it for $1,747,880 per year for its useful life. Assume that the firm makes payments at the end of the year, the asset pool remains open, the tax rate is 37%, and the pre-tax cost of borrowing is 7.30%. What is the present value of the CCA tax shield?