Water Front Rentals Has 20,000 Shares of Stock Outstanding at a Market

Water Front Rentals has 20,000 shares of stock outstanding at a market price of $24 each and earnings per share of $1.84.The firm has decided to repurchase $75,000 worth of stock.What will the PE ratio be after the repurchase, all else held constant?

A) 11.55
B) 13.24
C) 9.50
D) 10.69
E) 11.01