A company with 1,200,000 shares outstanding wants to issue new equity to finance a project that will cost $5,000,000. The cost of the project will be financed with the issue of new shares. The company's book value per share is $26. If it proceeds with the project, the company's EPS is expected to be $1.50 and its market value per share is expected to be $30. Assuming the company's price-earnings ratio will remain constant, what must be the company's current price- earnings ratio? Do not round Intermediate calculations. Round the final answer to 2 decimal places. Omit any commas in your response. For example, an answer of 1,000.50 should be entered as 1000.50. Numeric Response