Your Company is considering a new project that will require $1,040,000 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 $388,000 using straight-line depreciation. The cost of capital is 14%, and the firm's tax rate is 40%. Estimate the present value of the tax benefits from depreciation (closest to).

$81,500

$48,900

$32,600

$151,227