Martin Manufacturing has earnings per share (EPS) of $3.00,5 million shares outstanding. and a share price of $32. Martin is considering buying Luther Industries, which has earnings per share of $2.50,2 million shares outstanding, and a share price of $20. Martin will pay for Luther by issuing new shares. There are no expected synergies from the transaction. Assume that Martin pays no premium to acquire Luther. Calculate Martin's price-earnings (P/E) ratio pre merger. $15.77 $12,67 $10.67 $9.58 $12.58