Use the table for the question(s) below.

Name	Market Capitalization ($ million)	Enterprise Value ($ million)	P/E	Price/ Book	Enterprise Value/ Sales	Enterprise Value/ EBITDA
Gannet	6350	10,163	7.36	0.73	1.4	5.04
New York Times	2423	3472	18.09	2.64	1.10	7.21
McClatchy	675	3061	9.76	1.68	1.40	5.64
Media General	326	1192	14.89	0.39	1.31	7.65
Lee Enterprises	267	1724	6.55	0.82	1.57	6.65
Average			11.33	1.25	1.35	6.44
Maximum			+60%	112%	+16%	+22%
Minimum			-40%	-69%	-18%	-19%

The table above shows the stock prices and multiples for a number of firms in the newspaper publishing industry. Another newspaper publishing firm (not shown) had sales of $600million, EBITDA of $84 million, excess cash of$61million, $17million of debt, and 120 million shares outstanding. If the average enterprise value to sales for comparable businesses is used, which of the following is the best estimate of the firm's share price?

A.$7.47

B.$ 7.12

C.$ 6.41

D.$ 7.00

second part

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Part 1

Your retirement portfolio comprises 300 shares of the S&P 500 fund (SPY) and 100 shares of iShares Barclays Aggregate Bond Fund (AGG). The price of SPY is $130

and that of AGG is $98. If you expect the return on SPY to be 12% in the next year and the return on AGG to be 9%, what is the expected return for your retirement portfolio?

A.9.12%

B.10.26%

C.10.83%

D.11.4%