Answer:
The closing price of the stock = $15.50
Step-by-step explanation:
Price-earnings (P/E) ratio = 23.25
Earnings per share = total earnings/total number of shares
Earnings per share = 6,000,000/9,000,000 = 0.666667
E = $0.666667 per share
Price per share/Earnings per share = 23.25
Price per share = 23.25* Earnings per share = 23.25*0.666667 = $15.50
The closing price of the stock = $15.50
