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Answer (C) is correct . The only two valuation measures that changed were the market price of the stock and the book value per share, and they both experienced increases. Thus, Arnold’s asset base and financing structure expanded, and the market responded favorably. This indicates the company experienced healthy growth in Year 2.

Answer (A) is incorrect because An increase in the market/book ratio from 1.47 to 1.67 is not an indication of overvaluation.
Answer (B) is incorrect because All indicators that changed showed positive change from Year 1 to Year 2.
Answer (D) is incorrect because The indicators that changed showed increased growth opportunities.