Nike partnered with an independent company and recently introduced a new sneaker line that had total annual sales of $9,000,000. To start the line an investment of $6,000,000 was required and funded with new outside investor capital at an interest rate of 3.75%. To generate these sales the business line incurred annual operating expenses of $6,000,000, which did not include depreciation of $1,250,000. The current federal tax rate is 30%. What was the operating income (EBIT) for the new product line?