d. Company DEF has eight million shares outstanding, priced at 20 per share. The company is considering two options for the 40 million of cash it has: (1) immediately pay a special dividend of 5 per share, or (2) make a risk-free investment at a rate of 8%, and use the earned interest to increase the regular dividend by 0.4 per share. Assume capital markets are perfect. i. Suppose DEF chooses the first option. Describe how a shareholder who prefers the second option can create it herself. [3 marks) ii. Suppose DEF chooses the second option. Describe how a shareholder who prefers the first option can create it herself. [3 marks)