Book Value and Return on Equity Reach Company had net income of $11 million in 20X8. The stockholders' equity section of its 20X8 annual report follows ($ in millions):

Stockholders' equity 8% Preferred stock, $50 par value, 400,000 shares authorized, 300,000 shares issued Common stock, $1 par, 5 million authorized, 2 million and 1.8 million issued Additional paid-in capital Retained earnings Total stockholders' equity 20X8 20X7 $ 15.0 $ 15.0 2.0 1.8 32.0 30.0 69.0 65.2 $118.0 $112.0 1. Compute the book value per share of common stock at the end of 20X8. 2. Compute the rate of return on common equity for 20X8. 3. Compute the amount of cash dividends on common stock declared during 20X8. (Hint: Examine the retained earnings T-account.)