Giacomo Company manufactures outdoor tables and chairs for European$-$style cafes. On January $1$st$,$ Year $1,$ Giacomo issues $500,000$ shares of $$2$ par value common stock for $$10$ per share. This is the first time Giacomo has issued common stock. Giacomo does not issue any other stock during Year $1.$

Assume Giacomo decides to execute an $7$:$4$ stock split. What will be the new par value of Giacomo's stock? Round your final answer to the nearest two decimal places.