Union Pacific reported the following financial information at yearend 2014:
Income Statement (in Millions)
Net Sales: $6,800
Other Data (in Millions)
Shares Outstanding: 353.00
Less: Operating Expenses: $4,550
Dividends: $441.25
Earnings Before Taxes: $2,250
Shareholder's Equity: $8,825
Less: Taxes: $785
Net Earnings: $1,765
Stock Price: $50.00 per share
From the information provided for Union Pacific (above), what is the price to book value ratio for Union Pacific?
a. 2.0x
b. 2.7x
c. 3.0x
d. 3.4x
e. It cannot be determined from the information provided.