Your carpany is consictering a new project that wil require $$$25\mathrm{.}000$ millicn of new equipment at the stant of the project. The equiprent will have a depreciable life of $9$ years and will be depreclated to a book value of $5141,000$ using straight$-$line depreciation. percent.

Eslimate the present value of the tax benefis fram degreclation.

Note: Round your answer to $2$ decimal places.