b. As a stockholder in Bahrain Oil Company (BAPCO), you receive its annual report. In the financial statements, the firm has reported assets of $9 million, liabilities of $5 million, after-tax earnings of $2 million, and 750,000 outstanding shares of common stock.

i. Calculate the earnings per share of BAPCOs common stock

ii. Assuming that a share of BAPCO common stock has a market value of $40, what is the firms price-earnings ratio?

iii. Calculate the book value of a share of BAPCO common stock

[Always remember: show ALL the calculation steps/processes. Less mark will be given if you failed to show the calculation]