Firm M has 1,000,000 shares outstanding at a price of $80 each. Firm Thas 400,000 shares outstanding at a price of $45 each. The shareholders of Firm T have voted in favor of a buyout offer from Firm M, whereby they will receive $50 per share in cash for all of the outstanding shares. The synergy from the merger is estimated at $100,000. What would be the merger premium in % that Firm M is giving Firm T? a) 27.8% b) 22.2% c) 11.1% d) 77.8% e) 66.7%