Currently, the dividend-payout ratio (D/E) for the aggregate market as proxied by the S\&P500 is 39%, the required return (k) is 9%, and the expected growth rate for dividends (g) is 4 . The aggregate market has a Total Asset Turnover of 1.1 and a Total Debt Ratio of 0.42 . Based on this information, what is your estimate of the trailing earnings multiplier? Report you answer rounded to two decimal places