2 A reformulation of Skinner Products' income statement resulted in net operating profit before tax (NOPBT) of $3,500,000, financial expense before tax (FEBT) of $500,000 and income tax expense of $600,000. What is Skinner's net operating profit after tax (NOPAT), assuming a 25 percent combined statutory tax rate? a. $2,625,000 b. $3,025,000 c. $2,900,000 d. $2,775,000