Drug giant Merck & Co. (MRK) was recently expected to earn $3.20 per share, pay a $1.60 dividend, and earn a 25% return on shareholders' equity. If a reasonable risk-adjusted discount rate for MRK is 15%, use the constant growth model to calculate the highest P/E ratio aggressive growth-stock investors would be willing to pay for MRK. Would MRK appeal to growth at a reasonable price investor?