Your firm is considering a new project that will require $10,000 of new equipment at the start of the project. The equipment will have a depreciable life of five years, and will be depreciated to a book value of $3,000 using straight-line depreciation (basic straight-line without an IRS schedule). The cost of capital is 9 percent, and the firms tax rate is 34 percent. Estimate the present value of the tax benefits from depreciation.