A company having a cost of capital rate of 8 % purchases a $300,000 tractor. This machine has an expected service life of 4 years and will be used 2,500 hr per year. The tires on this machine cost $45,000. The estimated salvage value at the end of 4 years is $50,000. Calculate the hourly tax saving resulting from depreciation. Assume that the machine is a 5-yr type property and that there had been no gain on the exchange that procured the machine. The company's tax rate is 37o/o under the tax code