Retro Company reported the following shareholder's equity at year end:

12% Preference share capital, 20,000 shares 100 par value 2,000,000

14% Preference share capital, 10,000 shares, 300 par value 3,000,000

Ordinary share capital, 50,000 shares,100 par value 5,000,000

Retained earnings 2, 240,000

Share premium 1,500,000

Tge 12% preference share is cumulative and fully participating. The 14% preference share is noncumulative and fully participating. Dividends have not benn paid for 3 years.

What is the book value per ordinary share?