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Loki, Inc. and Thor, Inc. have entered into a stock-swap merger agreement whereby Loki will pay a 20% premium over Thor's pre-merger price. If Thor's

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Loki, Inc. and Thor, Inc. have entered into a stock-swap merger agreement whereby Loki will pay a 20% premium over Thor's pre-merger price. If Thor's pre-merger price per share was $35 and Loki's was $48, what exchange ratio will Loki need to offer? The ratio should be shares of Loki for every share of Thor. (Round to two decimal places.)

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