foam board under floor?

I am having to rip up a piece of floor about 8 by 12 feet. The old floor is not solid (plywood over strapping) and is about an inch and 1/2 thick. I don't want to use the old strapping since with settling over time it's no longer the right thickness to be level. My question is, can I put down foam board and cover it with plywood? Will it stand up over time or with use will it compress down? It's a front hall so will see substantial traffic.
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By way of clarification, the inch and a half refers to the planned future thickness, not the present one.
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