IMRA has 3 million in excess cash and 1 million shares outstanding. IMRA is considering investing cash in one-year. Treasury bills that are currently paying 5% interest and then using the cash to pay a dividend next year. Alternatively, IMRA can pay the cash out as a dividend immediately and the shareholder can invest in treasury bills themselves. Assume that the corporate tax rate is 40%. If IMRA invests the excess cash in treasury bills, then the present value of the dividend per share next year will be closet to: