Fact Pattern:

Semibar Co$.$ reports net income of $$651,000.$ The information for the year just ended is also available:

January $1$

December $31$

Equity

$$4,200,000$

$$4,480,000$

Share price

$$25$

$$30$

Shares outstanding

$400,000$

$400,000$

Cost of equity

$10\%$

$10\%$

Dividends per share

$$1\mathrm{.}00$

Question

The market value added $($MVA$)$ is

A$.$

$$1,720,000$

B$.$

$$280,000$

C$.$

$$400,000$

D$.$

$$2,000,000$