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2 L.B. Jay has net income of $36,000, total assets of $446,000, total liabilities of $209,000, and a price-book ratio of 3.7. There are 65,000

2 L.B. Jay has net income of $36,000, total assets of $446,000, total liabilities of $209,000, and a price-book ratio of 3.7. There are 65,000 shares of stock outstanding. What is the firm's price-earnings ratio?

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