Funzy corp. has decided to sell a new line of TVs. The firm has also spent $2.5 million in research and development for the new TVs. It is estimated that the new TVs will sell for $790 per unit and have a variable cost of $320 per unit. The firm has spent $1 million in market research for these new TVs. It is concluded in this study that the firm can easily sell 40,000 TVs in each of the following ten years. As part of the research, it was found that the firm is very likely to lose sales of 9,000 units of its existing high-priced TVs. These TVs currently sell for $1000 each and have variable costs of $630. On the positive side, the study also revealed that the firm will increase sales of its cheap TVs by 19,000 units. The cheap TVs sell for $300 and have variable costs of $120 per set. The fixed costs each year will be $12 million. Annual depreciation is $3 million and there are no interests expenses. The corporate tax rate is 20%. What is the annual net income (NI)?