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A company reported the following: Net income $278,640 Preferred dividends $20,640 Shares of common stock outstanding 25,000 Market price per share of common stock $249.85

A company reported the following: Net income $278,640 Preferred dividends $20,640 Shares of common stock outstanding 25,000 Market price per share of common stock $249.85

Calculate the company's price-earnings ratio. Round your answer to two decimal places.

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