Sales last year were $3,500,000, COGS was $1,950,000, overhead expenses (SG&A) were $750,000, depreciation was $350,000, and the tax rate was 21%. Calculate the projected net income using the percent of sales method if sales are expected to grow by 15%. (Do not put a dollar sign in the answer) Assume zero interest expense and that depreciation will not scale with sales.