Richman Company, reported net income of $$221$ million in $2007$ on revenues of

$$8298$ million. It paid out $31\%$ of its earnings as dividends, a payout ratio that is

expected to maintain between $2008$ and $2012,$ during which period earnings

growth is expected to be $13,5\%.$ After $2012,$ earnings growth is expected to

decline to $6\%$ and the dividend payout ratio is expected to increase to $60\%.$ The

beta is $1,15$ currently and is expected to remain unchanged. The treasury bond

rate is $7\%.$

a$/$ Estimate the price$/$sales ratio for Richman Company, assuming its profit

margin remains unchanged at $2007$ levels

b$/$ How much of this price$/$sales ratio can be attributed to extraordinary growth