A company is considering investing in a new project that will cost $6,801,710 and increase net income by 8.66%. This project will be completely funded by issuing new equity shares.Currently, the firm has 2,267,230 common shares outstanding with a market price of $33.97 per share. The current earnings per share are $1.85. What will be the earnings per share if the project is implemented?

$1.80

$1.85

$1.89

$1.94

$1.99