For valuing each of the synergies described below, explain whether you would use a discount rate equal to WACC, greater than WACC, or less than WACC. Explain the reasoning behind your decision. (9 pts) a. The French Government wants to promote the merger of two companies and guarantees a yearly annuity if the two agree to merge. b. In the proposed merger between Hewlett Packard and Compaq in 2002, the CFO of HP announced that $2.5 billion in cost synergies were expected from the Compaq acquisition. Most of the cost synergies would come from layoffs and organizational City University of Hong Kong c. Among the main arguments for the AOL-Time Warner merger was the potential revenue enhancement to be gained from merging broadband delivery (AOL) with content (Time Warner). By combining these offerings, it was expected that both companies could achieve far greater market penetration