Calculate the price/earnings ratio (market price of $48 at year-end) for 2020.

Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance shest and income statement for 2019 and 2020 follow. Assets Current assets \begin{tabular}{|c|c|c|} \hline Cash & $390,000 & $417,500 \\ \hline Accounts receivable, nat & 1,039,000 & 776,450 \\ \hline Irwentory & 746,000 & 681,100 \\ \hline Other current assets & 381,350 & 247,050 \\ \hline Total current assets & 2,555,350 & 2,122,100 \\ \hline Property, plant, \& equipment, nat & 8,702,200 & 8,439,890 \\ \hline Total assets & $11,257,550 & $10,561,990 \\ \hline \multicolumn{3}{|l|}{ Liabilities and Stockholders' Equity } \\ \hline Current liabilitiss & $3,196,000 & $2,946,100 \\ \hline Lans-term debt & 3,702,700 & 3,992,600 \\ \hline Total liabilities & 6,899,700 & 6,738,700 \\ \hline Preferred stock, $5 par value & 59,900 & 58,950 \\ \hline Comman stock, $0.25 parvalue & 104,700 & 103,800 \\ \hline Ratainad earnings & 4,195,250 & 3,660,530 \\ \hline Total stockdholdars' ecuity & 4,359,850 & 3,923,290 \\ \hline Tatal liabilities and stockholders' eauity & $11,257,550 & $10,561,990 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{l} Cullumber Medical \\ Comparative Income Statement and Statement of Retained Earning \\ For the Year \end{tabular}} \\ \hline & 2020 & 2019 \\ \hline Sales revenue (all on account) & $10,177,200 & $9,613,950 \\ \hline Cost of goods sold & 5,611,600 & 5,298,700 \\ \hline Gross profit & 4,565,600 & 4,315,250 \\ \hline Operating expenses & 2,840,200 & 2,634,200 \\ \hline Nat operating incoms & 1,725,400 & 1,691,050 \\ \hline Interest expanse & 300,300 & 300,650 \\ \hline Net income before taxes & 1,425,100 & 1,372,400 \\ \hline Income taxas (3096) & 427,530 & 411,720 \\ \hline Nat income & $997,570 & $960,680 \\ \hline \multicolumn{3}{|l|}{ Dividends paid } \\ \hline Praferred dividends & 29,450 & 29,550 \\ \hline Common dividends & 433,400 & 413,000 \\ \hline Total dividends paid & 462,850 & 442,550 \\ \hline Net income retained & 534,720 & 518,130 \\ \hline Ratainad earnings, besinning of year & 3,660,530 & 3,142,400 \\ \hline Retainad earnings, and of year & $4,195,250 & $3,660,530 \\ \hline \end{tabular} Calculate the price/earnings ratio (market price of $48 at year-end) for 2020 . (Round answer to 1 decimal place, e.g. 2.5.) Price/earnings ratio