40. Bull Ltd has a current market value of $30 million and earns $2,700,000 annually, while Beef Ltd has a market value of $5 million and annual earnings of $1 million. If the companies merge, an additional cash flow of $45,000 would result next year, which is expected to grow at 0.3% per annum. The merged firm's weighted average cost of capital will be 11.5% and it will have 11 million shares. If Bull Ltd pays $5,500,000 in cash for Beef Ltd, what will be the net present value of the merger? A. $500,000 B. -$98,214 C. -108,696 D. $401,786 E. $29,412