Barbur, Incorporated reported net income of $10 million. During the year the average number of common shares outstanding was 2 million. The price of a share of common stock at the end of the year was $10. There were 400,000 shares of preferred stock outstanding on average and no dividends were declared and the preferred stock is noncumulative. The Price/Earnings ratio is: Multiple Choice 2.17. 2.00. 7.00. 5.00