Next question Your firm is considering a project that would require purchasing $7.7 million worth of new eq e the present value of the depreciation tax shield associated with this equipment if the firm's tax rate is 37%, the appropriate cost of capital is 10%, and the equipment can be depreciated: a. Straight-line over a ten-year period, with the first deduction starting in one year. b. Straight-line over a five-year period, with the first deduction starting in one year. c. Using MACRS depreciation with a five-year recovery period and starting immediately. d. Fully as an immediate deduction. a. Straight-line over a ten-year period, with the first deduction starting in one year. million. (Round the final answer to three decimal places. Round all The present value of the depreciation tax shield associated with this equipment is $ intermediate values to four decimal places as needed.)