Here are simplified financial statements of Phone Corporation from a recent year: INCOME STATEMENT (Figures in millions of dollars) Net sales 12,500 Cost of goods sold 3,710 Other expenses 4,112 Depreciation 2,308 Earnings before interest and taxes (EBIT) 2,370 Interest expense 650 Income before tax 1,720 Taxes (at 30%) 516 Net income 1,204 Dividends 806 BALANCE SHEET (Figures in millions of dollars) End of Year Start of Year Assets Cash and marketable securities 82 151 Receivables 2,032 2,350 Inventories 152 203 Other current assets 832 897 Total current assets 3,098 3,601 Net property, plant, and equipment 19,903 19,845 Other long-term assets 4,146 3,700 Total assets 27,147 27,146 Liabilities and shareholders equity Payables 2,494 2,970 Short-term debt 1,384 1,538 Other current liabilities 776 752 Total current liabilities 4,654 5,260 Long-term debt and leases 8,761 8,086 Other long-term liabilities 6,108 6,079 Shareholders equity 7,624 7,721 Total liabilities and shareholders equity 27,147 27,146 Phone Corp.s stock price was $77 at the end of the year. There were 198 million shares outstanding. b. What was its market-to-book ratio? (Round your answer to 2 decimal places.)