On January 1, 2016, Adams-Meneke Corporation granted 24 million incentive stock options to division managers, each permitting holders to purchase one share of the companys $1 par common shares within the next six years, but not before December 31, 2018 (the vesting date). The exercise price is the market price of the shares on the date of grant, currently $22 per share. The fair value of the options, estimated by an appropriate option pricing model, is $5 per option. Required: 1. Determine the total compensation cost pertaining to the options on January 1, 2016. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).)

Total compensation cost = ________ millions