d'Anconia Copper has $200 million in cash that it can use for a share repurchase. Suppose instead that d'Anconia Copper invests the funds in an account paying 5% interest for one year. Assume that the corporate tax rate is 21%, the dividends tax rate is 15% and the individual rate on ordinary income is 32%.

Suppose that dAnconia retains the cash, invests it for one year and pays out the investment income to the shareholders as dividends. Compute the value of the cash flow to the shareholders.