Richmond Rent$-$A$-$Car is about to go public. The investment banking firm of Tinkers, Evers & Chance is attempting to price the issue The car rental industry generally trades at a $25$ percent discount below the P$/$E ratio on the Standard & Poor's $500$ Stock Index.Assume that the index currently has a P$/$E ratio of $30.$ The firm can be compared to the car rental industry as follows:Growth rate in earnings per shareConsistencyof performanceecekototarassetsTurnover of productQuality of managementRichmond$14\%$Increased earnings $4$ out of $5$ yearsSlightly above averageHighCar Rental Industry$10\%$Increased earnings $3$ out of $5$ yearsAverage AverageAssume, in assessing the initial P$/$E ratio, the investment banker will first determine the appropriate industry P$/$E based on the Standard & Poor's $500$ Index. Then a $0\mathrm{.}50$ point will be added to the P$/$E ratio for each case in which Richmond Rent$-$A$-$Car is superior to the industry norm, and a $0\mathrm{.}50$ point will be deducted for an inferior comparison.On this basis, what should the initial P$/$E be for the firm?Note: Round your answer to $1$ decimal place.