Peninsula Minerals Ltd.s authorized share capital consists of an unlimited number of common shares, with 9,810,000 outstanding. After some early successes, the company has failed to locate new mineral deposits and has also decreased its estimates of the amount of minerals in existing mines. As a result, earnings per share and the share price have been declining and are currently $0.12 and $0.60 per share, respectively. Peninsula Minerals is considering a reverse stock split (one that decreases the number of shares outstanding instead of increasing them) of one-for-three. What is the current price/earnings ratio? Current price/earnings ratio 5 If the board of directors approves the reverse split, how many shares will be outstanding? Number of shares outstanding e Textbook and Media List of Accounts Assuming the price/earnings ratio is the same after the reverse split as it was before the split, what will Peninsula Minerals' share price be after the reverse split? (Round answer to 2 decimal places, e.g. 15.25.) Share price $