XYZ Corporation has total assets of $$4,000,000$ financed $40\%$ with debt and $60\%$ with equity capital. The cost of debt capital $($interest rate$)$ is $6\%$ before taxes and the cost of equity $($equity charge$)$ is $10\%.$ The company has Earnings Before Interest and Taxes $($EBIT$)$ of $$500,000$ and a tax rate of $25\%.$

i$)$ What is the Net Income $($Earning After Tax$)?$

ii$)$ Calculate the economic profit $($hint: use the equity charge or cost of equity$).$