Angel Corp. has decided to manufacture and sell a new line of low -priced cell phones. Annual sales for the new line of cell phones is estimated at $900,000 a year for each of the next 5 years. The variable costs are 70% of sales and fixed costs are $300,000 annually. A marketing study that cost $800,000 done six months ago revealed that introducing this new line of cells will result in additional sales of existing cell accessories products of $30,000 a year. The additional sales have a variable cost of $10,000 a year . The plant and equipment required for producing the new line of stoves costs $ 1,000,000 (today ) and will be depreciated down to zero over 10 years using straight-line depreciation. The plant and equipment is sold for $900,000 at the end of 5 years. Net working capital increases by $300,000 at the beginning of the project (year ) and it is reduced back to its original level in the final year. The tax rate is 20 percent and the discounting rate for the project is 10%. What is the annual Earnings Before Interests , Taxes, and Depreciation /Amortization (EBITDA)?