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 firm's tax rate is $30$ percent.

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