Over the past few years, XYZ Company has paid as dividends, on average, 30 percent of its net income. Dividends are expected to remain at 30 percent of net income, and long-run earnings and dividend growth is expected to be 10 percent indefinitely. If its required rate of return is 16% and the most recent dividend, D₀, was $1.50, what is the most likely market price and P/E ratio (P₀/E₁) for XYZ's stock today?