A firm is considering the purchase of a new equipment costing $6,407,655 which qualifies for a 28% CCA rate. This equipment has a 4-year life after which it can be sold for $694,120. The firm can lease it for $1,639,780 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 39%, and the pre-tax cost of borrowing is 6.82%. What is the present value of the CCA tax shield?