MACRS depreciation rate

year 0 33.33%

year 1 44.45%

year 2 14.81%

year 3 7.41%

A fast-food company invests $2.2 million to buy machines for making slurpees. These can be depreciated using the MACRS schedule shown above. If the cost of capital is 10%, what is the increase in the net present value (NPV) of the product gained by using MACRS depreciation over straight-line depreciation for three years?