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The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $130,000 and interest

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The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $130,000 and interest expense is $40,000 for 2011, and the market price is $40, what is the price-earnings ratio on common stock (rounded to one decimal place)? a. 14.9 b. 18.4 c. 17.3 d. 19.8

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