ABC Company provides the following information for 2017:

Net income	$260,000
Market price per share of common stock	$50 per share
Dividends paid	$190,000
Common stock outstanding at Jan. 1, 2017	150,000 shares
Common stock outstanding at Dec. 31, 2017	210,000 shares

The company has no preferred stock outstanding. Calculate the price/earnings ratio of common stock. (Round any intermediate calculations and your final answer to two decimal places.)