Winterbourne is considering a takeover of Monkton Inc. Winterbourne has 29 million shares outstanding, which sell for $78 each. Monkton has 24 million shares outstanding, which sell for $39 each. Merger gains are estimated at $120 million.

If Winterbourne has a price-earnings ratio of 13 and Monkton has a P/E ratio of 9, what should be the P/E ratio of the merged firm? Assume in this case that the merger is financed by an issue of new Winterbourne shares. Monkton will get one Winterbourne share for every two Monkton shares held. Assume that merged firm will have net earnings equivalent to the sum of each individual firm. (Do not round intermediate calculations. Round your answer to 2 decimal places.)