A firm is considering the purchase of a new equipment costing $8,541,435 which qualifies for a 40% CCA rate. This equipment has a 4-year life after which it can be sold for $1,126,960. The firm can lease it for $2,288,380 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 27%, and the pre-tax cost of borrowing is 9.70%. What is the present value of the CCA tax shield