9. A company is considering a 8-year project that is expected to generate annual before-tax cost savings of $1,500,000. The project would require an asset that qualifies for a 20% CCA rate, has an installed cost of $4,000,000, and at the end of the 8 years is expected to have no salvage value. The project would require a $340,000 initial investment in net working capital. The company requires a 11% return. Assume a tax rate of 25%. What is the present value of the CCA tax shield?