Kelemen, Inc. provides the following information for 2017:

Net income	$290,000
Market price per share of common stock	$70 per share
Dividends paid	$180,000
Common stock outstanding at Jan. 1, 2017	180,000 shares
Common stock outstanding at Dec. 31, 2017	230,000 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.55.56 times

B.43.48 times

C.49.65 times

D.70.00 times