Barbur, Incorporated reported net income of $15 million. During the year the average number of common shares outstanding was 3 million. The price of a share of common stock at the end of the year was $7. 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 O 1.57 O 1.40. O 6.40 5.00. O