YRB Corporation has 400 million outstanding shares. YRB's expected cash distributions (per share) next year are $5.00, comprised of $3.00 of dividends and $2.00 of share repurchases. This mix of dividends to total distributions will continue. The required rate of return is 8% and total distributions are expected to grow at 4.5% perpetually.

What fraction of the 400 million shares will be repurchased the first year?