Pawnee Planes has $12 billion in total assets. Its balance sheet shows $2 billion in current liabilities, $4 billion in long-term debt, and $6 billion in common equity. It has 900 million shares of common stock outstanding, and its stock price is $32 per share. What is Pawnees market-to-book ratio?

Selected Answer:	d. 4.80
Answers:	a. 1.00
	b. 5.33
	c. 2.40
	d. 4.80
	e. 2.67