Red Corporation constructed a machine at a total cost of $74 million. Construction was completed at the end of 2020 and the machine was placed in service at the beginning of 2021. The machine was being depreciated over a 8-year life using the straight-line method. The residual value is expected to be $5 million. At the beginning of 2024, Red decided to change to the sum-of-the-years'-digits method. Ignoring income taxes, what will be Red's depreciation expense for 2024?

$8.63 million

$4.22 million

$5.22 million

$14.38 million