Consider the following information which relates to a given company:

Item	2019 Value
Earnings Per Share	$1.6
Price Per Share (Common Stock)	$5.3
Book Value (Common Stock Equity)	$62.13	Million
Total Common Stock Outstanding	2	Million
Dividend Per Share	$4.58

Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 6.78% in the future, or possibly 8.14% for the next 2 years and 6.18% 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 8.97% to 12.9%. Currently, the risk-free rate is 5.06%.

Required: Determine the firm's P/E ratio.

Answer (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)