Jane Doe is an equity analyst. On January 1, 2020, she decides to evaluate the stock of ABC Computer Company. The market price for the stock is $45. She compiles the financial data in the table shown below. As the final financial results for 2019 have not been yet released, the data for 2019 is estimated Actual Actual Actual Actual Estimated Year 2015 2016 2017 2018 2019 EPS 1.04 1.23 1.65 1.11 1.22 Ending BV per share 14.89 15.92 17.37 18.28 19.91 ROA 2.3% 2.6% 3.2% 2.0% 2.1% ROE 7.0% 7.7% 9.5% 6.1% 6.3% Jane determines that the period from 2015 - 2018 reasonably captures the operating cycle for the company, Assuming that the normalized EPS is calculated using the method of historical average EPS, what is the P/E based on normalized EPS