Calculate the company's price-earnings ratio. Round your answer to two decimal places.
A company reported the following:
| Net income | $568,620 |
| Preferred dividends | $42,120 |
| Shares of common stock outstanding | 54,000 |
| Market price per share of common stock | $177.45 |
Calculate the company's price-earnings ratio. Round your answer to two decimal places.
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