Nike partnered with an independent company and recently introduced a new sneaker line that had total annual sales of $10,000,000. To start the line an investment of $8,000,000 was required and funded with new outside investor capital at an interest rate of 4.0%. To generate these sales the business line incurred annual operating expenses of $6,000,000, which did not include depreciation of $1,000,000. The current federal tax rate is 45%. What was the operating income (EBIT) for the new product line?