The Martin Company reported sales of $120,000, net income of $24,000 and had outstanding shares of 10,000 as of January 1, Year 10 and 20,000 shares as of December 31, Year 10. The company had no preferred stock. As of December 31, Year 10, the market price of the stock was $65. What is the company's price earnings ratio? (Round your final answer to 1 decimal place.) O 8.1 O 40.6 O 10.8 O 54.2