Exhibit 4.1 The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over.

Balance Sheet (Millions of $)
Assets		2018
Cash and securities		$3,000
Accounts receivable		15,000
Inventories		18,000
Total current assets		$36,000
Net plant and equipment		$24,000
Total assets		$60,000
Liabilities and Equity
Accounts payable		$18,630
Accruals		8,370
Notes payable		6,000
Total current liabilities		$33,000
Long-term bonds		$9,000
Total liabilities		$42,000
Common stock		$5,040
Retained earnings		12,960
Total common equity		$18,000
Total liabilities and equity		$60,000
Income Statement (Millions of $)		2018
Net sales		$84,000
Operating costs except depreciation		78,120
Depreciation		1,680
Earnings before interest and taxes (EBIT)		$4,200
Less interest		900
Earnings before taxes (EBT)		$3,300
Taxes		1,320
Net income		$1,980
Other data:
Shares outstanding (millions)		500.00
Common dividends (millions of $)		$693.00
Int rate on notes payable & L-T bonds		6%
Federal plus state income tax rate		40%
Year-end stock price		$47.52

Refer to Exhibit 4.1. What is the firm's book value per share? Do not round your intermediate calculations.

a. $36.00

b. $29.16

c. $37.44

d. $38.88

e. $44.64