The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over.

Balance Sheet (Millions of $)	2021
Assets
Cash and securities		$	4,500
Accounts receivable			12,500
Inventories			13,000
Total current assets		$	30,000
Net plant and equipment			20,000
Total assets		$	50,000
Liabilities and Equity
Accounts payable		$	12,870
Accruals			6,630
Notes payable			7,000
Total current liabilities		$	26,500
Long-term bonds			10,000
Total liabilities		$	36,500
Common stock			3,105
Retained earnings			10,395
Total common equity		$	13,500
Total liabilities and equity		$	50,000
Income Statement (Millions of $)	2021
Net sales		$	80,000
Operating costs except depreciation			74,400
Depreciation			1,600
Earnings before interest and taxes (EBIT)		$	4,000
Less interest			1,020
Earnings before taxes (EBT)		$	2,980
Taxes (25%)			745
Net income		$	2,235
Other data:
Shares outstanding (millions)			500.00
Common dividends (millions of $)		$782.25
Int. rate on notes payable & L-T bonds			6%
Federal plus state income tax rate			25%
Year-end stock price			$58.11

What is the firm's market-to-book ratio? Do not round your intermediate calculations.

a. 2.15

b. 2.80

c. 2.28

d. 1.42

e. 1.71