Dalmatian Corporation's annual report is as follows.

	March 31, 2016	March 31, 2017
Net Income	$360,000	$428,500
Preferred Dividends	0	0
Total Stockholders' Equity	$4,250,000	$5,102,000
Stockholders' Equity attributable to Preferred Stock	0	0
Number of Common Shares Outstanding	290,464	196,168

If the current market price is $23 on March 31, 2016, compute the price/earnings ratio on March 31, 2017.