Your firm is considering a project that would require purchasing $7.7 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 38%, the appropriate cost of capital is 7%, and the equipment can be depreciated: a. Straight-line over a ten-year period, with the first deduction starting in one year. b. Straight-line over a five-year period, with the first deduction starting in one year. c. Using MACRS depreciation with a five-year recovery period and starting immediately. d. Fully as an immediate deduction a. Straight-line over a ten-year period, with the first deduction starting in one year. The present value of the depreciation tax shield associated with this equipment is 5 million. (Round the final answer to three decimal places. Round all intermediate values to four decimal places as needed.)