Your company is considering a new project that will require $740,000 of new equipment at the start of the project. The equipment will have a depreciable life of 8 years and will be depreciated to a book value of $140,000 using stralght-line depreciation. The cost of capital is 11 percent, and the firm's tax rate is 30 percent. Estimate the present value of the tax benefits from depreciation. (Round your answer to 2 declmal places.)