Richman Company, reported net income of $221 million in 2007 on revenues of $8 298 million. It paid out 31% of its earnings as dividends, a payout ratio that is expected to maintain between 2008 and 2012, during which period earnings growth is expected to be 13,5%. After 2012, earnings growth is expected to decline to 6% and the dividend payout ratio is expected to increase to 60%. The beta is 1,15 currently and is expected to remain unchanged. The treasury bond rate is 7%. a/ Estimate the price/sales ratio for Richman Company, assuming its profit margin remains unchanged at 2007 levels b/ How much of this price/sales ratio can be attributed to extraordinary growth?