Leonatti Labs’ year-end price on its common stock is $22. The firm has a profit margin of 12 percent, total assets of $35 million, a total asset turnover of 0.60, no preferred stock, and 2 million shares of common stock outstanding. Calculate the PE ratio for Leonatti Labs. (Do not round intermediate calculations. Round your answer to 2 decimal places.) PE ration = _____.__ times

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