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
The 12% preference share is cumulative and fully participating. The 14% preference share is noncumulative and fully participating. Dividends have not been paid for 3 years.
What is the book value per ordinary share?