Brown Fashions Inc.'s December 31, 2020 balance sheet showed total common equity of $4,050,000 and 195,000 shares of stock outstanding. During 2021, the firm had $450,000 of net income, and it paid out $100,000 as dividends. What was the book value per share at 12/31/21, assuming no common stock was either issued or retired during 2021? (Round your final answer to two decimal places.) a. $23.08 b. $20.26 c. $18.46 d. $22.56 e. $20.77