A company is considering a 8-year project that would require a $60,000 initial investment in net working capital and is expected to create cost savings of $80,000 before-tax annually. The project would require an asset with an installed cost of $700,000. The asset qualifies for a CCA rate of 20% and its salvage value is expected to be zero at the end of the 8 years. If the tax rate is 15% and the company requires a 12.5% return, what is the present value of the CCA tax shield?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50.