Ningbo Steel had year end 2011 and 2012 retained earnings balances of $6,000,000 and $6,600,000 respectively. The firm paid $200,000 of dividends in 2011. Based on this information, Ningbo Steels net profit after taxes in 2011 was:

Select one:

a. $200,000

b. $600,000

c. $620,000

d. $6,200,000

e. none of the above