You are evaluating the firm's financial performance based on the following data.

Balance sheet items:

Marketable securities=100

Non-operating long-term assets =200

Cash=100

Accounts receivable=1,000

Inventory=1,000

Operating long-term assets (net of depreciation) = 13,800

Accounts payable=880

Accrued taxes=200

Short-term debt=120

Long-term debt=5,000

(1,000 par value, 5 bonds)

Equity=10,000

(10 book value per share, 1,000 shares)

Market values:

Market value of the marketable securities =300

Market value of non-operating long-term assets =220

Market value of short-term debt: 120

Long-term bonds: market value per bond: 1,000

Common stock: market price per share: 12.00

What is the firm's market value of operations?

Select one:

a. $16,300

b. $16,000

c. $15,700

d. $16,600