Markus Companys common stock sold for $4.50 per share at the end of this year. The company paid a common stock dividend of $0.63 per share this year. It also provided the following data excerpts from this years financial statements:

	Ending Balance	Beginning Balance
Cash	$ 40,000	$ 40,200
Accounts receivable	$ 84,000	$ 63,700
Inventory	$ 70,600	$ 84,000
Current assets	$ 194,600	$ 187,900
Total assets	$ 699,000	$ 755,600
Current liabilities	$ 78,000	$ 76,500
Total liabilities	$ 184,000	$ 165,600
Common stock, $1 par value	$ 152,000	$ 152,000
Total stockholders equity	$ 515,000	$ 590,000
Total liabilities and stockholders equity	$ 699,000	$ 755,600

	This Year
Sales (all on account)	$ 980,000
Cost of goods sold	$ 568,400
Gross margin	$ 411,600
Net operating income	$ 263,250
Interest expense	$ 13,500
Net income	$ 174,825

2. What is the price-earnings ratio? (Do not round intermediate calculations. Round your answer to 2 decimal places.)