Companies invest in expansion projects with the expectation of increasing the earnings of their businesses. Consider another company, Able Manufacturing Corporation (AMC). AMC is proceeding with a new expansion project that is anticipated to have a four-year life span. The project calls for the purchase of equipment for $2 million and manufacturing assets valued at $1.5 million. Able Manufacturing's corporate tax rate is 30%, and its discount rate is 10%. Upon completion of the project, the company expects the salvage values to become $1.5 million and $1 million, respectively. The capital cost allowance (CCA) rate for the asset classes as given by Canada Revenue Agency (CRA) are buildings, 4%; equipment, 20%; and manufacturing assets, 30%. Calculate the present value for the total tax shield