The following data are provided for Croatia Corp.'s last two fiscal years:

Dec 31, 2021 Dec 31, 2020

Common shares, no par, 24,000 shares outstanding $ 400,000 $ 310,000

Cumulative preferred shares, $ 5, no par value,

4,000 shares outstanding $ 200,000 $ 200,000

Subscriptions Receivable, 2000 Common Shares $ 120,000

Common Shares Subscribed, 2000 shares $ 240,000

Retained earnings (post closing) $ 480,000 $ 430,000

Net income $ 180,000

Additional information:

On May 1, 2021, 6,000 common shares were issued. Although dividends had been declared regularly up to December 31, 2020, preferred dividends were NOT declared during 2021. The market price of the common shares was $ 100 at December 31, 2021.

The price earnings ratio for 2021 is

a.

13.76

b.

12.15

c.

14.99

d.

15.55