Mr. Nafeez Al Tarik, managing director of Dhaka Bank Securities, is looking into Marico Bangladesh financials. After completing his analysis, he comes up with the following conclusion

He expects next year earnings and dividend to be BDT 5.7 and BDT 2.7 per share, respectively

Dividend growth rate 2.75% Cost of capital 8.35%

Now he wants to calculate the Justified P/E ratio. Calculate the justified P/E ratio based on the expectations mentioned above.