Kelemen, Inc. provides the following information for 2017:

Net income $260,000

Market price per share of common stock $50

per share Dividends paid $190,000

Common stock outstanding at Jan. 1, 2017 150,000 shares

Common stock outstanding at Dec. 31, 2017 210,000 shares

The company has no preferred stock outstanding. Calculate the price/earnings ratio of common stock. (Round any intermediate calculations and your final answer to two decimal places.) A. 50.00 times B. 40.32 times C. 34.72 times D. 28.90 times