Company Ls total equity on the balance sheet at the end of the year is $3,200,000. Retained earnings at the start of the year was $1,750,000 and the net profit for the year $400,000. If the company retains 20% of earnings each year, the total amount of contributed capital for the company is closest to:

A. $1,113,000

B. $1,370,000

C. $1,450,000