Your Company is considering a new project that will require $1,030,000 of new equipment at the start of the project. The equipment will have a depreciable life of 9 years and will be depreciated to a book value of $305,500 using straight-line depreciation. The cost of capital is 13%, and the firm's tax rate is 21%. Estimate the present value of the tax benefits from depreciation (closest to). Multiple Choice -50:13 $86,751 $63,595 $16,905 O $80.500