Hunter Manufacturing Inc.'s December 31, 2007 balance sheet showed total common equity of $2,050,000 and 100,000 shares of stock outstanding. During 2008, Hunter had $250,000 of net income, and it paid out $100,000 as dividends. What was the book value per share at 12/31/08, assuming that Hunter neither issued nor retired any common stock during 2008?
a. $20.90
b. $22.00
c. $23.10
d. $24.26
e. $25.47