BP p.l.c (London: BP) is one of the largest integrated oil producers. Jan Unger, an energy analyst, forecasts a long-term earnings retention rate for BP of 15 percent and a long-term perpetual growth rate of 6 percent. BP p.l.c is twice as risky as the market. The yield on S&P 500 index is 14 percent, and the yield on U.S. Treasury bonds is 11 percent. Based on Unger's forecasts, calculate the justified forward Price-to-earnings ratio for BP p.l.c