A firm invests $$10$ million in a new stamping machine. It depreciates it straightline for tax purposes over $5$ years. The tax rate is $21\%,$ inflation is $4\%$ a year, and the discount rate is $8\%.$ What is the PV of the depreciation tax shield

$$600,000$

$$1,676,938$

$$2,579,497$

$$3,000,000$