Consider the common stock of Rondo Enterprises, which earlier today reported earnings per share for the previous 12 months (also known as trailing twelve months, TTM) of $3.81 per share. The stock currently trades at $23.55 per share (which may, or may not be, the fair price of the stock). The firm does not buy back stock, nor does it plan to issue new shares in the future. You also expect that it's ROE will be constant forever, at a level of 8.1% per year. You also expect the firm to continue with its previous dividend-policy in which 30% of earnings are paid out in the form of cash dividends, each year - forever. Based on the risk of the stock, you've estimated the fair discount rate (i.e. the expected return), to be 10.5% per year forever. Using the TTM measure of earnings, determine the P/E ratio for the stock, if it was fairly priced. Provide an answer with at least 4 digits of precision