Minden Co has current assets of $180,000 (cash: $400,000, $20,000, AR: $70,000, inv $90,000), and long term assets that had cost $400,000, with accumulated depreciation to date of $180,000. Sales were $500,000, and operating profit was $50,000. Tax was $20,000 and interest paid was $10,000. A dividend of $10,000 was paid to common shareholders. There are 1,000 hares in issue, and the share price is $240 per share. The price to earnings ratio is: a) 24X b) 12x; c) 10X; d) 8x; e) none of above