Your company is considering a new profect that will require $875,000 of new equipment at the start of the project. The equipment wil have a depreciable llfe of 8 years and will be depteciated to a book value of $155.000 using straight-line depreciation. Neither bonus. depreciation nor Section 179 expensing will be used. The cost of capital is 11 percent, and the firm stax rate 22 . 21 eicient. Estimate the present value of the tax benefits from depreclation (Round your answer to 2 decimal places.)