Bernices has $823,000 in sales. The profit margin is 6.9 percent and the firm has 7,000 shares of stock outstanding. The market price per share is $15. What is the price-earnings ratio? (Note: The terms earnings and net income are equivalent here.)

a. 3.51

b. 3.98

c.4.42

d.3.15

e.None of the above.