Trenton Company has provided the following information:

Net income, $160,000;

Preferred shares issued, 5,200;

Weighted average number of shares of common stock issued, 23,200;

Cash dividends declared and paid on common stock, $22,000;

Market price per share, $28;

Weighted average number of treasury shares of common stock, 3,200.

What is Trenton's price/earnings ratio?

4.62

3.50

3.85

4.06