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Firm A is analyzing the possible acquisition of Firm T. Firm A currently has 5,590 shares outstanding at a market price of $57.86 per share.

Firm A is analyzing the possible acquisition of Firm T. Firm A currently has 5,590 shares outstanding at a market price of $57.86 per share. Firm T has 3,889 shares outstanding at a market price of $47.20 per share. If Firm A has estimated that the present value of the synergistic benefits arising from the acquisition of Firm T is $8,425, what would be the NPV of the merger if Firm A offered 3 of its shares in exchange for 10.5 of Firm T's shares?

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