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Information concerning Hamilton’s common stock is presented below for the fiscal year ended May 31, Year 2.

Common stock outstanding 750,000

Stated value per share $15.00

Market price per share 45.00

Year 1 dividends paid per share 4.5

Year 2 dividends paid per share 7.5

Basic earning per share 11.25

Diluted earnings per share 9.0

The price-earnings ratio for Hamilton’s common stock is