National City Corporation, a bank holding company, reported earnings per share (E) of $2.40 and paid dividends per share of $1.06 (D) in the most recent year. The earnings were expected to grow 6% (g=6%) annually in the long term. The stock had a beta of 1.05. The risk free rate was 4% and the expected market return was 12%. Estimate the justified leading and trailing P/E ratio for National City Corporation.