A bank is considering some investment portfolio shifting.In doing so, the bank is considering selling $70 million in 5-year county-government bonds with a coupon interest of 3 percent, and purchase $70 million in 5-year city government bonds with a coupon interest of 4 percent issued at par.The local bonds being sold are listed at par on the bank's books but they have a current market value of $68 million.

Assume that the bank's corporate income tax rate is 20 percent.

Calculate the TOTAL net effect on the bank's earnings in the current full year resulting from the shift.