ABC Corp. invests $91,000 on new equipment for a project lasting 5 years. The equipment belongs in a 30% CCA class and the half-year rule applies. The firm also adds $4,170 to their net working capital which is recovered in 5 years. ABC cost of capital is 9.40% and the tax rate is 35%. What is the present value of the CCA tax shield over the project life? Assume zero salvage value.

a. $17,124

b. $20,548

c. $25,391

d. $24,251

e. $23,209