On January 1st, Michael B. purchased 1,000 shares of AgroGrow, which pay a $1 eligible dividend every quarter (Total dividend of $4,000 per year). Michael has other income that puts this dividend in the 20.5% federal and 8% provincial tax brackets. The province that Michael lives in provides a 30% provincial credit for Eligible Dividends. Determine the aftertax cash to Michael as a result of the AgroGrow dividend