Firm XYZ plans to invest $$600,000$ in a new project. This investment consists of $$400,000$ in newly issued debt and $$200,000$ in cash on hand. The borrowing rate is $3\%,$ and the risk$-$free rate is $2\%.$ The new investment is expected to generate $$100,000$ in EBIT for the firm, the tax rate is $20\%.$ Calculate the economic value added $($EVA$)$ for the project.

Please present detailed calculations, as failure to do so will result in a score of $0.$