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 $ 4,200

Accounts receivable 17,500

Inventories 20,300

Total current assets $ 42,000

Net plant and equipment 28,000

Total assets $ 70,000

Liabilities and Equity Accounts payable $ 27,531

Accruals 12,369

Notes payable 5,000

Total current liabilities $ 44,900

Long-term bonds 9,000

Total liabilities $ 53,900

Common stock 3,864

Retained earnings 12,236

Total common equity $ 16,100

Total liabilities and equity $ 70,000

Income Statement (Millions of $) 2021

Net sales $ 112,000

Operating costs except depreciation 104,160

Depreciation 2,240

Earnings before interest and taxes (EBIT) $ 5,600

Less interest 840

Earnings before taxes (EBT) $ 4,760

Taxes (25%) 1,190

Net income $ 3,570

Other data:

Shares outstanding (millions) 500.00

Common dividends (millions of $) $1,249.50

Int. rate on notes payable & L-T bonds 6%

Federal plus state income tax rate 25%

Year-end stock price $67.83

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

a. 2.42

b. 2.28

c. 2.11

d. 1.61

e. 2.77