Required Information (The following information will be used for three independent questions.) Kit, Inc. has never held treasury shares or declared a stock dividend. The balance sheet of Kit, Inc. included the following shareholders' equity accounts at December 31, 2020: Preferred stock, noncumulative, 9%, $7 par, 4,000 shares authorized, 800 shares issued Common stock, $2 par, 100,000 shares authorized, 6,400 shares issued Additional paid-in capital-Preferred Additional paid-in capital-Common Retained earnings Total shareholders' equity $ 5,600 12,800 15,000 31,000 144,000 $208,400 On December 31, 2020, the market price of the company's common stock was $9 per share, and the market price of the company's preferred stock was $44 per share. Calculate the average price per share at which the common stock was initially sold. Round your answer to the nearest cent