Another common fallacy in estimates is that developers spend the whole day coding. You will be lucky if they get to spend 50% of their time in development. Productivity also depends on the task complexity. Expect to get around a thousand lines of high level code a year per developer.
Here is another tragedy. Sometimes when a developer just tries to get their part done, it is to the detriment of the overall project. Want to hear more depressing news? The first system built is hardly ever a usable one. Next time I will continue with ideas about design and development.