1. Sooner, Inc. has the following balance sheet and market information at December 31, 2019. (Dollars in thousands, except per share amounts).

   Dec. 31, 2019 Dec. 31, 2019

   Cash $ 4,900 Accounts payable $ 129,037

   Accounts receivables, net 134,902 Note payable 880

   Inventories 79,691 Accrued liabilities 34,112

   Other current assets 39,045 Total current liabilities $ 164,029

   Total current assets $ 258,538

   Property, plant & equipment 211,844 Long-term debt $ 220,106

   Goodwill 87,921 Common stock 229,815

   Other intangible assets 18,838 Retained earnings 10,036

   Total assets $ 577,141 Treasury stock (46,845)

   Total liabilities & equity $ 577,141

   Sooner, Inc. has 30,884,503 shares outstanding and a current stock price of $37.50 per share.

   What is the firm's market-to-tangible-book-value ratio?

   	a.	4.83
   	b.	7.62
   	c.	8.70
   	d.	9.41
   	e.	10.62