McDaniel Corporation had net income for 2016 of $82,000.McDaniel had 12,000 shares of common stock outstanding at thebeginning of the year and 26,000 shares of common stock outstandingat the end of the year. There were 9,000 shares of preferred stockoutstanding all year. During​ 2016, McDaniel declared and paidpreferred dividends of $26,000. On December​ 31, 2106, the marketprice of​ McDaniel’s common stock is $46 per share and the marketprice of its preferred stock is $78 per share. What is​ McDaniel’sprice/earnings​ ratio? (Round any intermediate calculations andyour final answer to the nearest​ cent.)