Your first assignment as a financial analyst is to value the stock of Tesla. Unfortunately, Tesla hasnt paid any dividends yet so we cant use the dividend discount model. But you do know that the average price-earnings (PE) ratio for the car manufacturing industry is 30 and you also know Teslas earnings-per-share (EPS) is $1. Using the PE valuation method, what is the present value (fair price) of Teslas stock?