Question 18 (3.9 points) Daniel Corporation had net income for 2024 of $77,000. Daniel had 11,000 shares of common stock outstanding at the beginning of the year and 16,000 shares of common stock outstanding at the end of the year. There were 10,000 shares of preferred stock outstanding all year. During 2024, Daniel declared and paid preferred dividends of $20,000. On December 31, 2024, the market price of Daniel's common stock is $43 per share and the market price of its preferred stock is $72 per share. What is Daniel's price/earnings ratio at December 31, 2024? (Round any intermediate calculations and your final answer to the nearest cent.) 12.62 17.06 10.19 8.94