d'Anconia Copper has$200 million in cash that it can use for a share repurchase. Suppose instead thatd'Anconia Copper invests the funds in an account paying5% interest for one year. Assume that the corporate tax rate is21%, the individual capital gains rate is15% and the individual rate on ordinary income is32%.

Suppose thatd'Anconia Copper retained the$200 million in cash so that it would not need to raise new funds from outside investors for an expansion it has planned for next year. If it did raise newfunds, it would have to pay issuance fees. Assuming that these fees can be expensed for corporate taxpurposes, the amount thatd'Anconia Copper needs to save in issuance fees to make retaining the cash beneficial for its investors is closestto: