A company generated free cash flow of $2,348 million and paid net interest of $23 million after taxes. It paid a dividend of $14 million and issued shares for $54 million. There was no share buyback. What did the treasurer do with the remaining cash flow and for how much?

At the end of the fiscal year ending June 30, 2003, Microsoft reported common equity of $64.9 billion on its balance sheet, with $49 billion invested in financial assets (in the form of cash equivalents and short-term investments) and no debt financial. For fiscal 2004, the company reported $7.4 billion in comprehensive income, of which $1.1 billion was after-tax earnings on financial assets. This month, Microsoft will distribute $34 billion in financial assets to shareholders in the form of a special dividend. Holding everything else constant, what would Microsoft's ROCE be after the $34 billion payment ?