The balance sheets at the end of each of the first two years of operations indicate the following:Total current assets year 2006 600,000 year 2005 $560,000 Total investemnts (2006) 60,000 (2005) 40,000 total property, plant, and equipment (2006) 900,000 (2005) 700,000 Total current liabilities (2006) 150,000 (2005) 80,000 Total long-term liabilities (2006) 350,000 (2005) 250,000 Preferred 9% stock, $100 par (2006) 100,000 (2005)100,000 common stock, $10 par (2006) 600,000 (2005) 600,000 Paid-in capital in excess of par-common stock (2006) 60,000 (2005) 60,000 retained earnings (2006) 325,000 (2005) 210,000 If net income is $115,000 and interest expense if $30,000 for 2006, and the market price is $30, What is the price-earings ratio on common stock for 2006. ( round to one decimal point)?