Compute the present value after$-$tax cost $($PVATC$)$ of a $$9,500,000$ purchase of equipment on January $1$ that your corporate client will depreciate using MACRS if the client$$s after$-$tax discount rate is $8\%.$ Assume that all tax savings occur at the end of the deduction year. Hint: carefully $$map out$$ when all the cash flows occur and discount as needed. Ignore bonus depreciation and $179$ deductions.