Your firm is considering a project that would require purchasing $7.9 million worth of new equipment. Determine the present value of the depreciation tax shield associated with this equipment if the firm's tax rate is 20% using the MACRS depreciation with a five-year recovery period and starting immediately. Note that because the depreciation tax shield is essentially a riskless cash flow (assuming the firm's tax rate remains constant), the appropriate cost of capital to evaluate the tax benefit from depreciation is the risk-free rate; assume this rate is 9% for all maturities. Give you answer in millions rounded to 3 decimal places.