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Problem 4-10 M/B AND SHARE PRICE You are given the following information: Stockholders' equity as reported on the firms balance sheet = $3.5 billion, price/earnings

Problem 4-10 M/B AND SHARE PRICE

You are given the following information: Stockholders' equity as reported on the firms balance sheet = $3.5 billion, price/earnings ratio = 16, common shares outstanding = 48 million, and market/book ratio = 2.4. Calculate the price of a share of the company's common stock. Round your answer to the nearest cent.

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