Your company is considering a new project that will require $$1$ million of new equipment at the start of the project. The equipment will have a depreciable life of $10$ years and will be depreciated to a book value of $$150,000$ using straight$-$line depreciation. Neither bonus depreciation nor Section $179$ expensing will be used. The cost of capital is $13$ percent, and the firm$$s tax rate is $21$ percent. Estimate the present value of the tax benefits from depreciation.

$($you are required to use the pv function in excel to answer the question, if you dont use it the answer wont be accepted.$)$