A Firm Has Earnings Before Interest and Taxes (EBIT) of $22

A firm has earnings before interest and taxes (EBIT) of $22 million, total invested capital of $74 million, and average cost of funds of 12 percent. The firm has a marginal tax rate of 35 percent, and 4.2 million shares of the firm are outstanding. What is the firm's economic value added (EVA) of the firm?

A) $4.83 million
B) $5.42 million
C) $6.33 million
D) $3.61 million
E) $7.97 million