Financial information for Forever 18 includes the following selected data (in millions): ($ in millions) 2018 2017 Net income $ 243 $ 252 Dividends on preferred stock $ 30 $ 25 Average shares outstanding (in millions) 300 350 Stock price $ 11.77 $ 10.72 2-a. Calculate the price-earnings ratio in 2017 and 2018. (Enter your Price-earning ratio values to two decimal places. Enter your answers in millions (i. e. 5,550,000 should be entered as 5.55).)
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