From the number line, the points $\frac{1}{4}$ and $\frac{5}{4}$ are marked with equally spaced tick marks between them.

The distance from $\frac{1}{4}$ to $\frac{5}{4}$ is $\frac{5}{4} - \frac{1}{4} = 1$. With the spacing shown on the number line, point $P$ falls at:

$P = \frac{9}{8}$