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As a shareholder of an oil company, you receive its annual report in the financial statements, the firm reported assets of $$16$ million, liabilities of $$11$ million, after$-$tax earnings of $$2$ million, and $711,000$ outstanding shares of common stock.

a$.$ Calculate the earnings per share of this oil company's common stock. $($Round your answer to $2$ decimal places. Omit the $"$ $ $"$ sign in your response.$)$

$2$ points

$00$:$46-23$

Earnings per share

b$.$ Assuming a share of this oil company's common stock has a market value of $$40,$ what is the firm's price$-$earnings ratio? $($Round your intermediate calculations to $2$ decimal places and final answer to the nearest whole number.$)$

Price$-$earnings ratio

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