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Laine's Fabric Shop had sales of $829,602. Their profit margin is 4.2 percent and the firm has 7,500 shares of stock outstanding. The market price

Laine's Fabric Shop had sales of $829,602. Their profit margin is 4.2 percent and the firm has 7,500 shares of stock outstanding. The market price per share is $16.04.

What is the price-earnings ratio? (round answer to two decimal places)

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