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A company reports the following: Net income $240,900 Preferred dividends $17,840 Shares of common stock outstanding 38,000 Market price per share of common stock $59.46

A company reports the following:

	Net income	$240,900
	Preferred dividends	$17,840
	Shares of common stock outstanding	38,000
	Market price per share of common stock	$59.46

Calculate the companys price-earnings ratio. Round your answer to two decimal places.

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