Problem $12-2$ Spreadsheet Problem: PV of Depreciation Tax Benefits $($LG$12-4)$

Your company is considering a new project that will require $$855,000$ million of new equipment at the start of the project. The equipment will have a depreciable life of $9$ years and will be depreciated to a book value of $$144,000$ using straight$-$line depreciation. Neither bonus depreciation nor Section $179$ expensing will be used. The cost of capital is $12$ percent, and the firm's tax rate is $21$ percent.

Estimate the present value of the tax benefits from depreciation.

Note: Round your answer to $2$ decimal places.

Present value