SMOLIRA GOLF CORP. 2015 Income Statement
Sales					$	376,068
Cost of goods sold						260,000
Depreciation						49,450
Earnings before interest and taxes					$	66,618
Interest paid						15,800
Taxable income					$	50,818
Taxes (20%)						10,164
Net income					$	40,654
Dividends	$	25,000
Retained earnings		15,654

Smolira Golf Corp. has 20,000 shares of common stock outstanding, and the market price for a share of stock at the end of 2015 was $47.

What is the price-earnings ratio?