You firm just bought a new machine. The machine cost $1,100,000. The machine will be operated for 3 years. It will then be sold for its salvage value of $240,000. The CCA rate is 22%. The tax rate is 24%. The required rate of return is 8% compounded annually. The asset class will remain open. Assume the half-year rule is in effect. What is the present value of the CCA tax shield? Your answer should be accurate to two decimal places