Brown Fashions Inc. December 31,2015 balance sheet showed total common equity of 4,050,000 and 224,000 shares of stock outstanding.During 2015 the firm had 450,000 of net income and it paid out 100,000 as dividends. What was the book value per share at 12/31/15 assuming no common stock was either issued or retired during 2015?

a. $24.44

b.$17.01

c.$24.25

d.$20.73

e.$19.56