Trenton Company has provided the following information:

• Net income, $170,000;
• Preferred shares issued, 5,300;
• Weighted average number of shares of common stock issued, 23,300;
• Cash dividends declared and paid on common stock, $23,000;
• Market price per share, $29;
• Weighted average number of treasury shares of common stock, 3,300.

What is Trenton's price/earnings ratio?

4.54

3.41

3.92

3.97