An analyst wants to calculate an appropriate price to earnings (P/E) ratio for a company that operated in mining industry using the following information. The company's average return on equity was determined to be 13. 3 percent during the four-year period ending in 2011, and that the company's book value per share was $8.45 at the beginning of that period but had increased to $12.36 in 2011. If the company's stock is priced at $40 per share, the appropriate P/E is closest to:（）
A. 24.3
B. 28.9
C. 56.4
