Presented below are selected data from the financial statements of Parade Corp.

	2017	2018
Net income	$150,000	$123,000
Weighted average number of common shares outstanding	105,000	95,000
Market price per share of common stock at the end of the year	$12.00	$10.00

The price/earnings ratio for 2018 is

	a.	12.50 to 1.
	b.	0.80 to 1.
	c.	8.39 to 1.
	d.	1.43 to 1.