The management of Southern Express Corporation is considering investing 20% of all future earnings in growth. The company has a single growth opportunity that it can take either now or in one period. Although the managers do not know the return on investment with certainty, they know it is equally likely to be either 12% or 15% per year. In one period, they will find out which state will occur. Currently the firm pays out all earnings as a dividend of $12 million; if it does not make the investment, dividends are expected to remain at this level forever. If Southern Express undertakes the investment, the new dividend will reflect the realized return on investment and will grow at the realized rate forever. Assuming the opportunity cost of capital is 13.1%, what is the value of the company just before the current dividend is paid (the cum-dividend value)?