National Business Machine Co. (NBM) has $3 million of extra cash after taxes have been paid. NBN has 2 choices to make use of this cash. The resulting investment income will be paid out as a special dividend at the end of 3 years. In this case thew firm can invest in either T-Bills yielding 5 percent or preferred stock yielding 7 percent. Another alternative is to pay out the cash as dividends. This would allow shareholders to invest on their own in T-Bills with the same yield or in preferred stock. The corporate tax rate is 35 percent. Assume the investor has a 31 percent personal income tax rate, which is applied to interest income and preferred stock dividends. The personal dividend personal tax rate is 15 percent on common stock dividends. Should the cash be paid out today or in three years? Which of the 2 options generates the highest after-tax income for the shareholders?