consider the follow information which relates to a given organization:

Item	2019 Value
Earnings per Share	$6.8
price per share (common stock)	$37.77
Book Value (common stock equity)	$64.2 million
total common stock outstanding	2.55 million
Dividend per share	$4.9

Experts expect that the company can maintain a constant annual growth rate in dividends per share of 5.78% in the future, or possibly 7.65% for the next 2 years and 5.93% thereafter. in addition, it is expected that the risk the of the firm, as measured by the risk premium on its stock, to increase immediately from 8.95% to 10.69%. Currently, the risk free rate is 5.61%. Determine the firms P/E ratio (ROUND YOUR ANSWER TO 2 DECIMAL PLACES)