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Your firm is considering a project that would require purchasing $7.5 million worth of new equipment. Determine the present value of the depreciation tax shield associated with this equipment if the firm's tax rate is 40%, the appropriate cost of capital is 8%, and the equipment can be depreciated with Using accelerated depreciation with a five-year recovery period and starting immediately. with following schedule: Please express the answer in the unit of million and up to 2 places of decimal