Kuhns Corp. has 180,000 shares of preferred stock outstanding that is cumulative and 100,000 common stock outstanding. The preferred dividend is $6.00 per share and has not been paid for 3 years. If Kuhns earned $1.60 million this year, what could be the maximum payment to the preferred stockholders on a per share basis? (Round your answer to 2 decimal places.)

Group of answer choices

$11.14 per share

$8.89 per share

$7.79 per share

$10.39 per share