Firm X earned net income $337,000 last year. It has an estimated 70,000 shares of stock outstanding, but they are not actively traded. Firm Y, which is a similar firm with similar growth opportunities, has 185,000 shares of stock outstanding with a market price of $32.20 per share. Firm Ys earnings per share last year was $1.60. What is the estimated value of Firm X?

Multiple Choice

$6,782,125

$8,906,429

$5,957,000

$1,275,135

$3,723,125