46.J&J Milk Products' book value is $550 million and its market value is $2.2 billion. Its ratio of price-per-share to book value-per share is: a) 4 b) 0.25% c) cannot answer without knowledge of J&J's number of outstanding shares 47. A company begins the year with some debt. During the year the company makes a profit and retains some of its earnings, adding to its cash. It otherwise takes no action to alter its balance sheet. What is its new leverage ratio compared to the start of the year? a) higher b) lower c) the same d) none of the above