Apfel Inc. paid dividends of $3 per share on earnings of $5 per share. The book value of equity per share was $50, and earnings are expected to grow at 6% a year in the long term. The stock has a beta of 0.90. The treasury bond rate is 6%. The market expected return is 13%. Based in this information estimate the expected price/book value ratio of Apfel Inc. Select one: a. 0.67 b. 0.95 c. 0.85 d. 0.72