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A company reports the following: Net income $294,110 Preferred dividends $21,790 Shares of common stock outstanding 46,000 Market price per share of common stock

A company reports the following: Net income $294,110 Preferred dividends $21,790 Shares of common stock outstanding 46,000 Market price per share of common stock $110.59 Calculate the company's price-earnings ratio. Round your answer to two decimal places.

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