Question: (Market value analysis) Lei Materials' balance sheet lists total assets of $1.26 billion, $138 million in current liabilities, $500 million in long-term debt, $622 million

(Market value analysis) Lei Materials' balance sheet lists total assets of $1.26 billion, $138 million in current liabilities, $500 million in long-term debt, $622 million in common equity, and 52 million shares of common stock. If Lei's current stock price is $46.78, what is the firm's market-to-book ratio? The market-to-book ratio is I (Round to two decimal places.)

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