A company is considering a 7-year project that would require a $70,000 initial investment in net working capital and is expected to create cost savings of $100,000 before-tax annually. The project would require an asset with an installed cost of $800,000. The asset qualifies for a CCA rate of 30% and its salvage value is expected to be zero at the end of the 7 years. If the tax rate is 20% and the company requires a 13.5% return, what is the present value of the CCA tax shield?

(For finance)