Hubbard Company Had 8,000 Shares of Common Stock Outstanding Throughout

Essay

Hubbard Company had 8,000 shares of common stock outstanding throughout the year.The following information is also available:
$$\begin{array} { | l | r| } \hline\text { Stockholders' equity, end of year } & \$ 3,200,000 \\\hline \text { Net income for the year } & 800,000 \\\hline \text { Market price per share, end of year } & \$ 112 \\\hline\end{array}$$ Required:
Calculate the Price/Earnings ratio at the end of the current year.