Luther Corporation Consolidated Balance Sheet

Multiple Choice

Luther Corporation
Consolidated Balance Sheet
December 31, 2006 and 2005 (in $ millions)

Refer to the balance sheet above. If in 2006 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then Luther's market-to-book ratio would be closest to ________.

A) 2.58
B) 0.64
C) 1.29
D) 1.80