Tronnes Corporation's net income last year was $1,750,000. The dividend on common stock was $2.60 per share and the dividend on preferred stock was $2.50 per share. The market price of common stock at the end of the year was $57.70 per share. Throughout the year, 300,000 shares of common stock and 100,000 shares of preferred stock were outstanding. The price-earnings ratio is closest to
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