A Company Reported the Following ​
Calculate the Company's Price-Earnings Ratio

Essay

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