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Franklin Corporation reported net income of $75,000 in Year 1. The company had 100,000 shares of $12 par value common stock outstanding and a market

Franklin Corporation reported net income of $75,000 in Year 1. The company had 100,000 shares of $12 par value common stock outstanding and a market price of $18 per share. What is Franklin's price-earnings ratio?

2.4
24
16.6
1.5

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