Enigma Corp. is a C corporation that earned $4.5 per share before it paid any taxes. Enigma Corp. retained $2 of after-tax earnings for reinvestment and distributed what remained in dividend payments. If the corporate tax rate was 21% and dividend earnings were taxed at 15%, what was the value of the dividend earnings received after-tax by a holder of 100,000 shares of Enigma Corp.?
a. $156,325
b. $216,135
c. $198,275
d. $132,175