Based on the following data, what is the NPV of operations?

Balance sheet items:

Marketable securities=300

Non-operating long-term assets =400

Cash=100

Accounts receivable=600

Inventory=1000

Operating long-term assets (net of depreciation) =14,000

Accounts payable=1,100

Accrued taxes=200

Short-term debt=100

Long-term debt=5,000

(1,000 par value, 5 bonds)

Equity=10,000

(10 book value per share, 1,000 shares)

Market values:

Market value of the marketable securities =400

Market value of non-operating long-term assets =500

Market value of short-term debt: 100

Long-term bonds: market value per bond: 1,000

Common stock: Market price per share: 13.00

Select one:

a. $2,950

b. $2,800

c. $2,850

d. $2,900