RUT Corporation had net income for 2024 of $36,400. RUT had 2,400 shares of common stock outstanding at the beginning of the year and 20,000 shares of common stock outstanding as of December 31, 2024. During the year, RUT declared and paid preferred dividends of $5,040. Therefore, RUT's earnings per share for 2024 is $1.76. Assume the market price of RUT's common stock is $13.00 per share. Compute RUT's price/earnings ratio. Select the formula, then enter the amounts to calculate the company's price/earnings ratio as of December 31, 2024. (Abbreviations used: Ave. = average, OS = outstanding, SE= stockholders' equity, shrs = shares. Round the ratio to two decimal places.)