9. On December 31, 2019, and 2020, Qualico, Inc. had 100,000 shares of common stock and 10,000 shares of noncumulative and nonconvertible preferred stock issued and outstanding. Additional information from Qualicos financial statements for 2019 and 2020 are as follows: Account 2019 2020 Stockholders equity (end of the year) Net income $100,000 $120,000 Dividends on preferred stock (total paid during the year) $12,000 $15,000 Market price of common stock (end of the year) $10.00 $12.00 Based on this information, Qualico, Inc.s price-earnings ratio on common stock on December 31, 2020, was: