Your company is considering a new project that will require $$690,000$ of new equipment at the start of the project. The equipment will have a depreciable life of $7$ years and will be depreciated to a book value of $$277,000$ 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.