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. 39.0 b. 44.5 c. 49.1 d. 46.9 e. 42.6