An analyst collects the following data for a company: - Current stock price =$48.60 - Common stock (issued 70,000 common shares) =$1,400,000 - Preferred stock (issued 3,000 preferred shares) =$105,000 - Additional paid-in capital =$2,000 - Retained earnings =$60,000 - Total shareholders' equity =$1,145,000 The company's P/B ratio is closest to