You firm just bought a new machine. The machine cost $1,200,000. The machine will be operated for 4 years. It will then be sold for its salvage value of $100,000. The CCA rate is 32%. The tax rate is 10%. The required rate of return is 10% 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.