AN ACQUIRER IS ESTIMATING $300$ MILLION DOLLARS IN ANNUAL, AFTER$-$TAX SYNERGIES FROM A DEAL, STARTING THREE YEARS FROM THE TIME THE DEAL IS COMPLETED. THE ACQUIRER ALSO ESTIMATES ONE$-$TIME AFTER$-$TAX INTEGRATION COSTS OF $500$ MILLION DOLLARS, WHICH INCUR ONE YEAR AFTER THE DEAL IS COMPLETED. THE DISCOUNT RATE IS $9\%,$ AND ANNUAL SYNERGIES ARE EXPECTED TO GROW AT A RATE OF $2\%$ AFTER YEAR $3.$ USING THESE ESTIMATES, THE SYNERGY NPV IS: