Car company paid out dividends of $2 per share on earnings per share of $4 in 2009. The firm was expected to have a return on equity of 15% between 2010 and 2014, after which the firm was expected to have stable growth of 5% a year. The return on equity main at the level of 15% in the stable growth phase. The stock had a beta of 1.5, which was not expected to change. The Treasury bond rate was 3%, and the risk premium is 5.5%.

The PE ratio for Car Company based on fundamentals is?