On December 31, 2007 and 2008, Taft corporation had 100,000 shares of common stock and 50,000 shares of noncumulative and nonconvertible preferred stock issued and outstanding.

Additional information:

Stockholders' equity at: $4,500,000

Net income year ended: 200,000

Dividends on preferred stock year ended: 300,000

Market price per share of common stock at: 144

Requirement:

What is the price-earnings ratio on common stock at the end of the year?