Wendys boss wants to use straight-line depreciation for the new expansion project because he said it will give higher net income in earlier years and give him a larger bonus. The project will last 5 years and requires $2,665,617 of equipment. The company could use either straight line or the 3-year MACRS accelerated method (the machine falls in this category according to IRS). Under straight-line depreciation, the cost of the equipment would be depreciated evenly over its life. The applicable MACRS depreciation rates are 33.33%, 44.45%, 14.81%, and 7.41%. The companys WACC is 9.0%, and its tax rate is 20.0%. What is the NPV of tax savings of depreciation (also called depreciation tax-shield) using the MACRs rates?

		$566,582
		$461,377
		$443,001
		$451,428
		$478,392