A Company Has a Weighted Average Cost of Capital of 11

A company has a weighted average cost of capital of 11%, EBIT of $3.4 million, gross assets of $20.2 million, current liabilities of $6 million, and accumulated depreciation of $4 million. The company pays interest of $650,000 and has a tax rate of 34%. What is the company's Economic Value Added (EVA) ?

A) $1.3 million
B) $1.6 million
C) $2.0 million
D) $2.3 million
E) $3.1 million