Please be detailed

Giacomo Company manufactures outdoor tables and chairs for European-style cafes. On January 1st, 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 8:3 stock split. What will be the new par value of Giacomo's stock? Round your final answer to the nearest two decimal places