Consider the following information which relates to a given company:

Item

2019 Value

Earnings Per Share

$6.58

Price Per Share (Common Stock)

$36.51

Book Value (Common Stock Equity)

$60.8

million

Total Common Stock Outstanding

2.15

million

Dividend Per Share

$4.15

Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 5.28% in the future, or possibly 7.5% for the next 2 years and 5.55% 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 8.6% to 10.78%. Currently, the risk-free rate is 5.93%.

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

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