LR is a successful logistical services firm that currently has $5 billion in cash. LR has decided to use this cash to repurchase shares from its investors, and has already announced the stock repurchase plan. Currently LR is an all-equity firm with 1.25 billion shares outstanding. LR's shares are currently trading at $20 per share. LR has stock options given to employees valued at $2 billion. The market value of Luther's non-cash assets is closest to:

a. $18 billion.

b. $25 billion.

c. $22 billion.

d. $20 billion.