Marcus Nurseries Inc.’s 2005 balance sheet showed total common equity of $1,800,000, which included $1,550,000 of retained earnings. The company had 120,000 shares of stock outstanding which sold at a price of $57.25 per share. If the firm had net income of $270,000 in 2006 and paid out $110,000 as dividends, what would its book value per share be at the end of 2006, assuming that it neither issued nor retired any common stock?
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