Which one of the following is true regarding the relation between P/E ratio and the plowback ratio b for the same firm, while everything else remains the same?

a. The higher the plowback ratio b, the higher the P/E ratio.

b. The lower the plow back ratio b, the higher the P/E ratio.

c. The relation between the P/E ratio and the plowback ratio b depends on whether the growth opportunity is profitable enough.

d. None of the above.