You are analyzing a company and you are provided with the following exhibits. Exhibit 1 presents earnings and dividend data. and Exhibit 2 presents balance sheet data. Net sales were $4.116 billion in 2019. You estimate a required return of 15% for Margarheti and forecast growth in dividends of 6% Into perpetuity, Margarheti's common share price is $75.33 and a preferred share trades for $4.85 per share. Exhibit 1. Earnings and Dividends for Margarheti, 2016-2020 2020 (E) 2016 2017 2019 2018 6.00 5.25 4.46 5.27 4.93 Earnings per share (EPS. 5) 2.91 2.60 2.60 2.75 2.45 Dividends per share (DPS. $) 14.21% 11.58% 14.96% 13.01% 13.71% Return on equity (ROE) Note: The data for 2016-2019 are actual and for 2020 are estimated. Exhibit 2. Summary Balance Sheet for Margarheti, Year Ended 31 December 2019 Assets ($ millions) 102.79 Cash and cash equivalents 300.06 Accounts receivable 341.93 Inventory Total current assets Property and equipment, net 936.26 Property and equipment, net 936.26 Total assets Liabilities and Shareholders' Equity ($ millions) Current liabilities 266 47 Long-term debt 326.67 Total liabilities Preferred shares 79 Common shares 811.06 Retained earnings 124.5 Total shareholders' equity Total liabilities and shareholders' equity Notes: The market value of long-term debt is equal to its book value. Shares outstanding are 49.45 million of common shares and 16,09 million of preferred shares. Based on Exhibit 2, the multiple of enterprise value to sales for Margarheti as of 31 December 2014 is closest to which value? Round your answer to 2 decimal places