Question: ($ in millions except share data) Net income Dividends on preferred stock Average shares outstanding (in millions) Stock price 2021 $ 182 $ 29 260

($ in millions except share data) Net income Dividends on preferred

($ in millions except share data) Net income Dividends on preferred stock Average shares outstanding (in millions) Stock price 2021 $ 182 $ 29 260 $11.72 2020 $ 279 $ 24 450 $10.67 Exercise 10-16A Part 2 2-a. Calculate the price-earnings ratio in 2020 and 2021. (Enter your Price-earning ratio values to two decimal places. Enter y answers in millions (i.e. 5,550,000 should be entered as 5.55).) Price Earnings Ratio 2020 2021 2-b. In which year is the stock priced lower in relation to reported earnings? 2020 2021

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