For the following premerger 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 6,600 2,500

Price per share $47 $21

Firm B has estimated that the value of the synergistic benefits from acquiring Firm T is $9,900.

a. If Firm T is willing to be acquired for $23 per share in cash, what is the NPV of the merger? (Not round intermediate calculation)

NPV$ _________

b. What will the price per share of the merged firm be assuming the conditions in (a)?(Not round intermediate calculations and round your answer to 2 decimal places,.)

Share price$ _________

c. If Firm T is willing to be acquired for $23 per share in cash, what is the merger premium? (Not round intermediate calculations.)

Merger premium$ ____

d. Let say Firm T is agreeable to a merger by an exchange of stock. If B offers one of its shares for every two of T's shares, what will the price per share of the merged firm be?(Not round intermediate calculations and round your answer to 2 decimal places,)

Price per share$ _____

e. What is the NPV of the merger assuming the conditions in (d)?(Not round intermediate calculations and round your answer to 2 decimal places, e.g)

NPV$ _____