Nelson Business Machine Co. (NBM) has $3 million of extra cash after taxes have been paid. NBM has two choices to make use of this cash. One alternative is to invest the cash in financial assets. The resulting investment income will be paid out as a special dividend at the end of three years. In this case, the firm can invest in Treasury bills yielding 3% or a 5% preferred stock. CRA regulations allow the company to exclude from taxable income 100% of the dividends received from investing in another companys stock. Another alternative is to pay out the cash now as dividends. This would allow the shareholders to invest on their own in Treasury bills with the same yield, or in preferred stock. The corporate tax rate is 35%. Assume the investor has a 31% personal income tax rate, which is applied to interest income. The personal dividend tax rate is 15% on common stock dividends. Suppose the company reinvests the $3 million and pays a dividend in three years. What is the total after-tax cash flow to shareholders if the company invests in T-bills? (Enter the answer in dollars. Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Value in three years $ What is the total after-tax cash flow to shareholders if the company invests in preferred stock? (Enter the answer in dollars. Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Value in three years $ Suppose instead that the company pays a $3 million dividend now and the shareholder reinvests the dividend for three years. What is the total after-tax cash flow to shareholders if the shareholder invests in T-bills? (Enter the answer in dollars. Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Value in three years $ What is the total after-tax cash flow to shareholders if the shareholder invests in preferred stock? (Enter your answer in dollars. Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Value in three years $