Gamma Ltd's net profit for the last financial year was $177,000 and it paid$108,000 in dividends.  It expects net profit to grow at 3.8% p.a. in perpetuity and to maintain a constant dividend payout ratio.  Its beta is 1.3, the risk-free rate is 2.1% and the equity risk premium is 7.8%.  What is its justified forward P/E/ ratio?