15. Use Standard & Poor's Market Insight website (www.mhhe.com/ edumarketinsight) for this problem.

a. What was the ratio of the market value of equity to the book value of equity for eBay, Inc. at year-end 2003? (From the "Excel Analytics" tools on the left of the screen, consult "Valuation Data, Profitability.")

b. What growth rate in sales did eBay achieve in 2002 and 2003? (From the Excel Analytics tools, consult Annual Income State- ments and select the % Change tab on the spreadsheet.)

c. Might eBay's high market-to-book ratio be due to its growth rate? Explain.