Avantel Technologies Ltd is a telecommunication-related software company listed in different countries. The firm has decided to raise the amount of debenture by $100,000 and use the proceeds to retire the equity shares. The equity capitalization rate, ke of the company is 12.5 percent. The company has $200,000,10% debentures. The firm's expected annual net operating income is $50,000. It is assumed that the ki and ke would remain unaffected as per NI Approach. In the new situation, calculate the value of the firm as per the Net Income approach. a. $460,000 b. $480,000 c. $485,000 d. $470,000