Your company is considering a new project that will require $848,000 of new equipment at the start of the project. The equipment will have a depreciable life of 8 years and will be depreciated to a book value of $152,000 using straight-line depreciation. The cost of capital is 11 percent, and the firms tax rate is 30 percent.

Estimate the present value of the tax benefits from depreciation.(Round your answer to 2 decimal places.)