JAX Corporation had net income for 2024 of $36,500 JAX had 1,800 shares of common stock outstanding at the beginning of the year and 24,200 shares of common stock outstanding as of December 31, 2024. During the year, JAX declared and paid preferred dividends of $20.250. Therefore, JAX's earnings per share for 2024 is $1.25. Assume the market price of JAX's common stock is $7.00 per share. Compute JAX's pricelearnings ratio Select the formula, then enter the amounts to calculate the company's pricelearnings ratio as of December 31, 2024. (Abbreviations used Ave. - average, OS outstanding, SE = stockholders' equity, shrs = shares. Round the ratio to two decimal places.) Price/earings ratio R