Arc Ventures has $70 million in excess cash and no debt. In subsequent years, the company expects to generate additional free cash flows of $40 million per year. These future free cash flows will be paid out as regular dividends. Assume that the unlevered cost of capital for Arc equals 11% and that it currently has 12 million shares outstanding. Arc's board is meeting to decide whether to pay out its $70 million in excess cash as a special dividend or to use it to repurchase shares of the firm's stock. Assume that you own 3,500 shares of Arc stock and that Arc uses the entire $70 million to repurchase shares. However, you as the shareholder are not happy with this decision and would prefer that Arc used the excess cash to pay a special dividend. The number of shares that you would have to sell in order to receive the same amount of cash as if Arc paid the special dividend is closest to: 675 275 565 495