The $$depreciation tax shield$$ is the amount by which a company may reduce its taxes in a given

year by deducting depreciation from its pre$-$tax income. Suppose the depreciation schedule for

electric or diesel trucks allows for $60\%$ of the purchase price of the truck to be depreciated at

the end of the first year after the truck was purchased. The depreciation schedule allows $20\%,$

$10\%,$ and $10\%$ to be depreciated in years $2-4,$ respectively. Suppose a company buys a diesel

truck for $$60,000,$ and pays corporate taxes at a rate of $20\%.$ If the required return $($discount

rate$)$ for this type of investment is $8\%,$ what is the present value of the depreciation tax shield

that the company can generate across the first four$-$years that it owns the truck?