A design company invests $12 million in an open-end spinning machine. The machine belongs to an asset class with a capital cost allowance (CCA) rate of 30%. If the company sold it immediately after the end of year 3 (the end of the project) for $8 million, what would be the overall present value of the CCA tax shields from this asset, given a tax rate of 40%, and a cost of capital of 12%?