Apple Healthcare has acquired new medical analysis equipment for a cost of $15 million. The equipment is expected to have a life of 10 years and a salvage value at the end of this period of $3 million. If the firm has a cost of capital of 12% and a marginal tax rate of 40%, what is the present value of the tax benefits from the equipment depreciation (assuming straight-line depreciation), in $ millions?

a - $2.54 b - $2.71 c - $3.39 d - $3.72 e - $2.79