Keleman, inc. provides the following information for 2017: net income 260,000 market price per share of common stock 50 per share dividends paid 190,000 common stock outstanding at Jan 1, 2017 common stock outstanding at dec. 31, 2017. The company has no preferred stock outstanding. Calculate the price/earnings ratio of common stock. (Round any intermediate calculations and your final answer to two decimal places)