QUESTION $4$

Remington Steele plans to use the price$/$earnings multiple approach to estimate the value of Mobilink Company$$s stock, which he currently holds in his retirement account. He estimates that Mobilink Company will earn $$9\mathrm{.}78$ per share next year $(2023).$ This expectation is based on an analysis of the firm$$s historical earnings trend and of expected economic and industry conditions. He finds the price$/$earnings $($P$/$E$)$ ratio for firms in the same industry to average $17.$ What is the price of the stock?