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A company reports the following: Net income $237,140 Preferred dividends $17,570 Shares of common stock outstanding 39,000 Market price per share of common stock $78.43

A company reports the following:

Net income	$237,140
Preferred dividends	$17,570
Shares of common stock outstanding	39,000
Market price per share of common stock	$78.43

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

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