A project requires initial asset investment of $2 million. The asset will last for 6 years, and will be depreciated for tax purposes at the CCA rate of 30%. The required return on this project is 15%, and the marginal corporate tax rate is 32%. Assuming that the asset will have a salvage value of $100,000 at the end of Year 6, what is the present value of the CCA tax shields from this project?

a $398,840.58

b $406,860.57

c $390,820.59

d $389,617.59

e $408,063.57