11 Find below the Company's financial statements for year 2525 Balance Sheet, 12/31/2525 Income, 1/1 12/31/2525 Sales $375 Current assets $1.900 PP&E $2,275 Total assets $475 Debt $1.800 Stockholders' equity $2,275 $8,000 total costs $7 400 net income $600 dividends $300 new retained earnings $300 For 2526 the asset turnover (sales+total assets), net profit margin (=net income + sales), payout ratio (dividends+net income) and price-to-earnings ratio (now 18.6) will be constant. The number of shares outstanding is 90. The firm seeks maximum growth by relying exclusively on retained earnings; external financing will be zero. What is the equity price-to-book ratio at year-end 2526? a. 5.99 b. 4.09 d. 4.95 c. 5.45 e. 4.50