Partridge Company provides the following information for the year 2014: Net income: $31,200 Market price of common stock: $12.00/share Dividends paid: $0.80/share Common stock outstanding at January 1, 2014: 110,000 shares Common stock outstanding at December 31, 2014: 150,000 shares (No preferred stock issued) How much was the price/earnings ratio for one share of common stock?

0.50

1.50

3.05

50.0