In 2009, Rec Room Sports reported earnings per share of ($ 8.50) when its stock price was

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In 2009, Rec Room Sports reported earnings per share of $\$ 8.50$ when its stock price was $\$ 212.50$. In 2010, its earnings increased by 20 percent. If the $\mathrm{P} / \mathrm{E}$ ratio remains constant, what is the price of the stock? Explain.

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