A company is considering investing 10% of all future earnings in growth. The company has a single growth opportunity that it can take either now or in one period. The return on investment is equally likely to be either 10% or 14% per year. Currently the firm pays out all earnings as a dividend of $10 million. If it does not make the investment, dividends are expected to remain at this level forever.

Assuming the opportunity cost of capital is 10.1% per period, what is the value of the company just before the current dividend is paid (the cum-dividend value)?