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Rather Corporation's Annual Report Is as Follows If the Current Market Price Is $17 on March 31

question 26

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Rather Corporation's annual report is as follows.  March 31, 2018  March 31, 2019 Net Income $358,000$429,500 Preferred Dividends 00 Total Stockholders’ Equity $4,220,000$5,112,000 Stockholders’ Equity attributable to Preferred 00 Stock  Number of Common Shares Outstanding 275,464200,168\begin{array} { | l | r | r | } \hline & \text { March 31, 2018 } & \text { March 31, } 2019 \\\hline \text { Net Income } & \$ 358,000 & \$ 429,500 \\\hline \text { Preferred Dividends } & 0 & 0 \\\hline \text { Total Stockholders' Equity } & \$ 4,220,000 & \$5,112,000 \\\hline \text { Stockholders' Equity attributable to Preferred } & 0 & 0\\\text { Stock } & \\\hline \text { Number of Common Shares Outstanding } &275,464 & 200,168 \\\hline\end{array}
If the current market price is $17 on March 31, 2019, compute the price/earnings ratio on March 31, 2019. (Round any intermediate calculations and your final answer to the nearest cent.)

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