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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 Straightline over a five-year period, with the first deduction starting in one year. Please express the answer in the unit of million and up to 2 places of decimal