The Following Information Pertains to Jasmin Corporation $31,20 \mathrm{xx}$

The following information pertains to Jasmin Corporation.Assume that all balance sheet amounts represent both average and ending figures. Jasmin Corporation
Partial Balance Sheet
December $31,20 \mathrm{xx}$
$\begin{array}{lr}\text { Liabilities and Stockholders' Equity }\\\text { Current liabilities } & \$ 60,000 \\\text { Long-term liabilities } & 90,000 \\\text { Stockholders' equity } & 150,000\\\text { Total liabilities and stockholders' equity }&\$300,000\end{array}$
Jasmin Corporation
Income St-atement
Far the Year Ended December 31, 20x
$\begin{array}{lr}\text { Net sales } & \$ 80,000 \\\text { Cost of goods sold } & 45,000\\\text { Gross margin } & \$ 35,000 \\\text { Operating expenses } & 15,000\\\text { Income before income taxes } &\$20,000\\\text { Income taxes expense }&5,000\\\text { Net income }&\$15,000\end{array}$
Jasmin Corporation had 6,000 shares of common stock issued and outstanding.The market price of Jasmin common stock on December 31,20xx,was $22.50.Jasmin paid dividends of $0.90 per share during 20xx.
What is the price/earnings (P/E) ratio for this corporation? Round your answer to 2 decimal places.

A) 8.00 times
B) 10.50 times
C) 7.00 times
D) 9.00 times