Your Company is considering a new project that will require $990,000 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 $301,500 using straight-line depreciation. The cost of capital is 14%, and the firm's tax rate is 34%. Estimate the present value of the tax benefits from depreciation (closest to).
A.$50,490
B.$128,655
C.$26,010
D.$76,500