George Peter, CFA, collects the following information regarding lan Consultants Inc., a company in its mature phase (in thousands): 2010 2009 2008 2007 Net income $ 3,120 $2,840 $2,650 $2,400 Average shareholders' equity 20,800 19,600 17,100 16,010 Dividend payout ratio 0.461 0.45 0.4448 0.4442 Based solely on the information given and assuming a required rate of return of 10.75%, the justified forward Po/E1 of lan Consultants is closest to: Multiple Choice 17.29 o 18 22 George Peter, CFA, collects the following information regarding lan Consultants Inc., a company in its mature phase (in thousands): 2010 2009 2008 2007 Net income $ 3,120 $2,840 $2,650 $2,400 Average shareholders' equity 20,800 19,600 17,100 16,010 Dividend payout ratio 0.461 0.45 0.4448 0.4442 Based solely on the information given and assuming a required rate of return of 10.75%, the justified forward Po/E1 of lan Consultants is closest to: Multiple Choice 17.29 o 18 22