Based on the corporate valuation model, Carton Inc.'s value of operations is $500 million. Its balance sheet shows $75 million of short-term investments that are unrelated to operations, $100 million of accounts payable, $150 million of notes payable, $100 million of long-term debt, $40 million of common stock (par plus paid-in-capital), and $160 million of retained earnings. What is the best estimate for the firm's value of equity, in millions?

pick one:

a. $275b. $325c. $475d. $505e. $575