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 $)2021Assets Cash and securities $6,000 Accounts receivable 15,000 Inventories 15,000 Total current assets $36,000 Net plant and equipment 24,000 Total assets $60,000 Liabilities and Equity Accounts payable $16,714 Accruals 10,686 Notes payable 6,000 Total current liabilities $33,400 Long-term bonds 11,000 Total liabilities $44,400 Common stock 4,212 Retained earnings 11,388 Total common equity $15,600 Total liabilities and equity $60,000 Income Statement (Millions of $)2021Net sales $108,000 Operating costs except depreciation 100,440 Depreciation 1,920 Earnings before interest and taxes (EBIT) $5,640 Less interest 1,020 Earnings before taxes (EBT) $4,620 Taxes (25%) 1,155 Net income $3,465 Other data: Shares outstanding (millions) 500.00 Common dividends (millions of $) $1,212.75 Int. rate on notes payable & L-T bonds 6% Federal plus state income tax rate 25% Year-end stock price $83.16

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

a. $43.20 b. $31.20 c. $22.78 d. $28.77 e. $34.00