Attempt dur 59 Minute 13. The new equipment has an estimated useful life of 8 years and will be depreciated over its useful life using the straight-line method. The new equipment will be obsolete at the end of 8 years and consequently will have no resale value. Let it Snow Company as a 21% tax rate and a 10% cost of capital. Calculate the present value of the tax savings from depreciation i the new equipment is purchased. (5 points)