C1.5. In the late 1990s, PIEratioswerehighby historical standards. The PIE ratio for the S&P 500stockswasas highas 33 in 1999. In the 1970s it was8.Whatdo youthink would bea "normal"PIE ratio-s-that is, where multiples higherthannormal couldbe called"high" and multiples less thannormal couldbe called "low"?Hint: The PIE ratio is the inverse of the EIP ratio,sometimes called the earnings yield. Compare this yieldwithnormal return for stocks of about 10percent.