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

Balance sheet items:

Marketable securities=300

Non-operating long-term assets =400

Cash=100

Accounts receivable=1,600

Inventory=1,000

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

Accounts payable=1,880

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 =400

Market value of non-operating long-term assets =500

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 NPV of operations?

Select one:

a. $1,800

b. $1,750

c. $1,880

d. $1,920