Question: Next year, BHH Co. is expected to pay a dividend of $2.99 per share from earnings of $4.83 per share. The equity cost of

Next year, BHH Co. is expected to pay a dividend of $2.99 per share from earnings of $4.83 per share. The equity cost of capital for BHH is 11.65%. What should BHH's forward P/E ratio be if its dividend growth rate is expected to be 3.78% for the foreseeable future? BHH's forward P/E ratio should be (Round to two decimal places.)

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