A founder finds it difficult to raise capital so when he brings in his first outside investor, the investor obtains a full ratchet provision on his equity investor who invests $400000 for 400000 shares of the company. The founder holds 1000000 shares of the company.

In the next round of financing the company, the company needs $550000 and the post-money value of the company is $1550000.

What is the price per share expected to be in the next round of financing?