The Stockholder's Equity accounts of a corporation on January 1, 2021, were as follows: Preferred Stock (2%, $100 par, cumulative, 8,000 shares authorized) Common Stock ($3 par, 1,500,000 shares authorized) Additional Paid in Capital - Preferred $ 600,000 900,000 Additional Paid in Capital - Common Additional Paid in Capital - Treasury Retained Earnings Treasury Stock - Common ($9 per share cost) 90,000 700,000 24,000 780,000 45,000 During 2021, the corporation had the following transactions and events relating to its stockholders' equity. Jan. 2 of the building on the Issued 5,000 shares of common stock in exchange for a building. The fair value date of purchase was $80,000. The stock on the date of purchase on the NYSE was selling for $17/share. Sold 1,000 shares of the treasury stock for $14 per share. Feb. 21 Mar. 21 Issued 1,200 shares of preferred stock $120 per share. Nov. 14 Purchased 2,500 shares of common stock for the treasury at $10 per share. Dec. 31 Determined that net income for the year was $429,000. Dividends were declared and paid during December. These dividends included a $0.25 per share dividend to common stockholders of record as of December 20 and total preferred dividends of $12,000. There are no dividends in arrears. As of December 31, 2021, what is the average selling price of the preferred stock (round to the nearest cent)?