Firm ABC' stock price is currently $100 and there are 1 millionshares outstanding. All investors in firm ABC purchased their stock5 years ago when the price was $50. ABC is sitting on top of $10million in extra cash that it does not need to fund its operations.With the exception of possible income from this cash, the earningsof ABC are expected to be constant for the foreseeable future. Thecorporate tax rate is 35%, the personal tax rate on interest incomeis 30%, and the personal tax rate on dividends and capital gains is15%. ABC is considering the following options:

(a) Pay the $10 million out in a special dividend today to investors who will invest the cash in T-bills offering an 8% return for the next 5 years.

(b) Pay the $10 million out in the form of a share repurchase today to investors who will invest the cash in T-bills offering an 8% return for the next 5 years

(c) Hold onto the cash and invest it in T-bills offering an 8% return. Pay the cash and interest out to investors in the form of a special dividend after 5 years.

Calculate as of year 5 (i.e., exactly 5 years from today) how much of this $10 million and associated interest ends up in investor's pockets after all taxes under each of the above scenarios.