Phelps Labs has assets of $444,000, current liabilities of $51,000, and long-term liabilities of $71,000. There is $35,500 in preferred stock outstanding; 20,000 shares of common stock have been issued. Earnings available to common shareholders are $25,700.

If the firm sells at two times book value per share, what will the P/E ratio be? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

P/E ratio------------- times