Razorback, Inc, which has no debt financing has the following income statement and statement of cash flow information. Total operating expenses $ 49,000,000 Depreciation expense $ 3,000,000 Amortization of software development costs $1,100,000 Net income $10,000,000 Cash flow used in investing activities $ 8,000,000 (a) (a) Includes software development expenses of $3,500,000 Razorback has a current stock price of $26 per share and 15 million shares of common stock outstanding, What would the company's price / earnings ratio be if it expensed rather than amortized the software development costs? Assume that the company's current effective tax rate of 30% would not change. a 19.1 b.42.6 c. 44.5 d. 46.9 e. 39.0