Davenport Metals recently reported $9,000 of sales, $7,500 of operating expenses leaving an Earnings Before Interest and Taxes (EBIT) or Operating Income of $1,500. The company had $4,000 of bonds that carry a 7% interest rate which caused interest expense to be $280 and its income tax rate was 40%. What was the firm's net income?

$688

$719

$732

$701

$745