Oriole Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow.

Oriole Medical Comparative Balance Sheet As of December 31
		2020		2019
Assets
Current assets
Cash		$393,000		$417,400
Accounts receivable, net		1,077,000		776,450
Inventory		735,000		681,050
Other current assets		381,400		247,050
Total current assets		2,586,400		2,121,950
Property, plant, & equipment, net		8,639,160		8,440,060
Total assets		$11,225,560		$10,562,010
Liabilities and Stockholders' Equity
Current liabilities		$3,165,000		$2,846,050
Long-term debt		3,702,600		3,892,700
Total liabilities		6,867,600		6,738,750
Preferred stock, $5 par value		58,950		58,950
Common stock, $0.25 par value		104,650		103,850
Retained earnings		4,194,360		3,660,460
Total stockholders' equity		4,357,960		3,823,260
Total liabilities and stockholders' equity		$11,225,560		$10,562,010

Oriole Medical Comparative Income Statement and Statement of Retained Earnings For the Year
		2020		2019
Sales revenue (all on account)		$10,177,300		$9,613,950
Cost of goods sold		5,612,800		5,298,800
Gross profit		4,564,500		4,315,150
Operating expenses		2,840,200		2,634,150
Net operating income		1,724,300		1,681,000
Interest expense		300,300		308,700
Net income before taxes		1,424,000		1,372,300
Income taxes (30%)		427,200		411,690
Net income		$996,800		$960,610
Dividends paid
Preferred dividends		29,550		29,550
Common dividends		433,350		413,000
Total dividends paid		462,900		442,550
Net income retained		533,900		518,060
Retained earnings, beginning of year		3,660,460		3,142,400
Retained earnings, end of year		$4,194,360		$3,660,460

Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, e.g. 2.5.)

Price/earnings ratio ?