P/E ratio analysis

15. Refer to Table 75 on page 182. Assume that because of unusually bright long-term prospects, analysts determine that Johnson & Johnsons P/E ratio in 2011 should be 10 percent above the average high J&J P/E ratio for the last 10 years. (Carry your calculation of the P/E ratio two places to the right of the decimal point in this problem.) What would the stock price be based on projected earnings per share of $5.35 (for 2011)?