Consider the following pre-merger information about a bidding firm (Firm B) and a target firm (Firm T). Assume that both firms have no debt outstanding.

	Firm B	Firm T
Shares outstanding		5,200			1,100
Price per share	$	52		$	22

Firm B has estimated that the value of the synergistic benefits from acquiring Firm T is $7,800.

a. If Firm T is willing to be acquired for $24 per share in cash, what is the NPV of the merger? (Omit "$" sign in your response. Negative answers should be indicated by a minus sign.)

NPV $

b. What will the price per share of the merged firm be, assuming the conditions in (a)? (Round the final answer to 2 decimal places. Omit "$" sign in your response.)

Price per share $