Inc. provides the following information for 20X8:

Net income	$260,000
Market price per share of common stock	$60 per share
Dividends paid	$190,000
Common stock outstanding at Jan. 1, 2018	180,000 shares
Common stock outstanding at Dec. 31, 2018	210,000 shares

The company has no preferred stock outstanding. Calculate the price/earnings ratio of common stock.

Group of answer choices

48.39 times

60.00 times

45.11 times

41.67 times