As part of the job interview process at a Charlotte-based fund management group you are given selected forecasted data for the S\&P500 and asked to determine an estimated forward P/E multiple for the index. The earnings growth rate is 0.064 , the payout ratio is 0.5 , and the required rate of return is 0.09 . What estimate of the forward P/E multiple would you submit to the interviewers? Report your answer in decimal format rounded to two decimal places. (Ex. 27.8611 should be entered as "27.86")