The plant will employ 70 workers and their cost will be £1 million in year 1 and it will increase by 4% annually thereafter. The plant’s production manager has determined the costs of retooling required to begin production. New flake stamping equipment will cost $26,000,000. The new equipment and storage facilities will be depreciated over 6 years using MACRS rates. The estimated market value of the equipment at the end of the project’s 6-year life is $5000,000. Find depreciation using MACRS.