A company is able to implement one of two strategies regarding a particular​ product: hire a marketing firm to increase sales 16​% or assign a product procurement manager who can reduce material cost for the product by 4​%. ​Currently, the product has sales of​$10,300,000. The costs of materials are ​$6,200,000​ labor costs are ​$1,450,000​ and overhead costs are ​$550,000. What are the effects on net income of the two alternative​ strategies?
( please show all work and formulas)