You will depreciate a $100,000 initial investment for a project using 3-year MACRS depreciation schedule. Assume a marginal tax rate of 32%, an average tax rate of 20%, and a discount rate of 10%, and the project has positive net cash flows for five years. What is the present value of the depreciation tax shield? The three-year MACRS schedule is: 33.33% depreciation in year 1 44.45% depreciation in year 2 14.81% depreciation in year 3 7.41% depreciation in year 4