In a certain code if 'M' denotes'÷', 'N' denotes '×', 'O' denotes '+' and 'P' denotes '-', then what will be the value of 16M4N3O5P3M3?

In a certain code if 'M' denotes'÷', 'N' denotes '×', 'O' denotes '+' and 'P' denotes '-', then what will be the value of 16M4N3O5P3M3?
1). 14
2). 15
3). 16
4). 17

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