Consider the following information which relates to a given company: Item 2019 Value Earnings Per Share $6.78 Price Per Share (Common Stock) $36.34 Book Value (Common Stock Equity) $64.75 million Total Common Stock Outstanding 3 million Dividend Per Share $4.07 Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 5.43% in the future, or possibly 7.52% for the next 2 years and 5.65% thereafter. In addition, it is expected that the risk of the firm, as measured by the risk premium on its stock, to increase immediately from 8.06% to 10.02%. Currently, the risk-free rate is 5.93%. Required: Determine the firm's P/E ratio. (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)