many stock market observers say that when the P/E ratio for stocks get over 20 that market is overvalued. The P/E ratio is the stock price divided by the most recent 12 months of earnings. Suppose you are interested in seeing whether the current market is overvalued and would also like to know the proportion of companies that pay dividends. A random sample of 30 companies listed on the New York Stock exchange is provided. What is a point estimate of the P/E ratio for the population of stocks listed on the New York Stock Exchange? Develop a 95% confidence interval.