The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) 2021 Assets Cash and securities $ 4,000 Accounts receivable 12,500 Inventories 13,500 Total current assets $ 30,000 Net plant and equipment 20,000 Total assets $ 50,000 Liabilities and Equity Accounts payable $ 12,060 Accruals 5,940 Notes payable 8,000 Total current liabilities $ 26,000 Long-term bonds 10,000 Total liabilities $ 36,000 Common stock 4,060 Retained earnings 9,940 Total common equity $ 14,000 Total liabilities and equity $ 50,000 Income Statement (Millions of $) 2021 Net sales $ 60,000 Operating costs except depreciation 55,800 Depreciation 1,600 Earnings before interest and taxes (EBIT) $ 2,600 Less interest 1,080 Earnings before taxes (EBT) $ 1,520 Taxes (25%) 380 Net income $ 1,140 Other data: Shares outstanding (millions) 500.00 Common dividends (millions of $) $399.00 Int. rate on notes payable & L-T bonds 6% Federal plus state income tax rate 25% Year-end stock price $22.80 What is the firm's P/E ratio? Do not round your intermediate calculations.