A project requires initial asset investment of $2 million. The asset will last for 7 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 7, 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