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Gray Fashions Inc. ' s December 3 1 , 2 0 1 4 , balance sheet showed total common equity of $ 4 , 0

Gray Fashions Inc.'s December 31,2014, balance sheet showed total common equity of $4,050,000 and 200,000 shares of stock outstanding. During 2014, the firm had $450,000 of net income, and it paid out $100,000 as dividends. What was the book value per share at 12/31/14, assuming no common stock was either issued or retired during 2014?

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