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Firm A is analyzing the possible acquisition of Firm T. Firm A currently has 5,310 shares outstanding at a market price of $55.94 per share.

Firm A is analyzing the possible acquisition of Firm T. Firm A currently has 5,310 shares outstanding at a market price of $55.94 per share. Firm T has 3,693 shares outstanding at a market price of $45.36 per share. If Firm A has estimated that the present value of the synergistic benefits arising from the acquisition of Firm T is $8,005, what would be the NPV of the merger if Firm A offered 3 of its shares in exchange for 9.5 of Firm T's shares?

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