Your Company is considering a new project that will require $950,000 of new equipment at the start of the project. The equipment will have a depreciable life of 9 years and will be depreciated to a book value of $297,500 using straight-line depreciation. The cost of capital is 10%, and the firm's tax rate is 40%. Estimate the present value of the tax benefits from depreciation (closest to).

$167,012

$72,500

$43,500

$29,000