Jasper Industrial has no debt outstanding and a total market value of $216,000. Earnings before interest and taxes, EBIT, are projected to be $15,000 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 12 percent higher. If there is a recession, then EBIT will be 15 percent lower. There are currently 8,600 shares outstanding. Ignore taxes. What is the percentage change in EPS when a normal economy slips into recession?

15.5 percent

15.2 percent

15.0 percent

16.1 percent

14.8 percent