Kelemen,Inc The Company Has No Preferred Stock Outstanding

Kelemen,Inc.provides the following information for 2017: $$\begin{array} { | l | l | } \hline \text { Net income } & \$ 260,000 \\\hline \text { Market price per share of common stock } & \$ 50 \text { per share } \\\hline \text { Dividends paid } & \$ 190,000 \\\hline \text { Common stock outstanding at Jan. } 1,2017 & 150,000 \text { shares } \\\hline \text { Common stock outstanding at Dec. } 31,2017 & 210,000 \text { shares } \\\hline\end{array}$$ The company has no preferred stock outstanding.Calculate the price/earnings ratio of common stock.(Round any intermediate calculations and your final answer to two decimal places. )

A) 40.32 times
B) 50.00 times
C) 34.72 times
D) 28.90 times