Balboa Co. is analyzing the possible acquisition of CRX Co.Neither firm have debt.The forecasts of Balboa show that the purchase would increase its annual after-tax cash flow by $1.8 Mil (synergy gain) indefinitely.The current market value of CRX is $60 mil. The current market value of Balboa is $104 mil. The appropriate discount rate for the incremental cash flows is 12%.Balboa decides to newly issue 40% of current shares outstanding to acquire CRX Co (exchange with CRX shares).Calculate the NPV of this merger proposal.

A.$203.210 mil

B.-$7.304 mil

C.$15.521 mil

D.$23.857 mil

E.$88.408 mil

F.$9.306 mil

G.$45.539 mil

H.$72.108 mil