Rhodes Trucking Is Considering Investing in a New $3

Rhodes Trucking is considering investing in a new $3.7 million project that will increase net income by 2.7 percent. This project will be completely funded by issuing new equity shares. Currently, the firm has 647,400 shares of stock outstanding with a market price of $41 per share. The current earnings per share are $3.02. What will the earnings per share be if the project is implemented?

A) $3.10
B) $3.06
C) $2.72
D) $2.83
E) $2.99