Division L has reported a net profit after tax of 8.6m for the year ended 30 April 2018. Included in the costs used to calculate this profit are the following items: Interest payable of 2.3m; Development costs of 6.3m for a new product that was launched in May 2017, and is expected to have a life of three years; Advertising expenses of 1.6m that relate to the relaunch of a product in June 2018. The net assets invested in Division L are 30m. The cost of capital for Division Lis 13 per cent per year. Calculate the economic valued added for Division L for the year ended 30 April 2018