A Company Reported the Following Calculate the Company's Price­earnings Ratio

A company reported the following:
$\begin{array}{lr}\text { Net income } & \$ 270,000 \\\text { Preferred dividends } & \$ 10,000 \\\text { Shares of common stock outstanding } & 20,000 \\\text { Market price per share of common stock } & \$ 36.40\end{array}$ Calculate the company's price­earnings ratio.Round your answer to one decimal place.

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Price-earnings ratio = Market price per ...

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