The Crestar Company reported net income of $166,600 on 29,000 average outstanding common shares. Preferred dividends total $12,900. On the most recent trading day, the preferred shares sold at $59 and the common shares sold at $89. What is this company's current price-earnings ratio? (Do not round your intermediate calculations.)

Multiple Choice

• 15.49

• 16.79

• 17.41

• None of these answers are correct.