Amed Construction is considering investing in a new project that will cost $5 million and increase net income by 8%. This project will be completely funded by issuing new equity shares. Currently, the firm has 4 million shares of stock outstanding with a market price of $40 per share. The current earnings per share are $1.50. What will the earnings per share be if the project is implemented? ( Do not use the $ sign in your answer. If your answer is $85.93, enter 85.93)

Numeric Response: