Mani Exchange is being acquired by National Sales. The combination of two companies is

estimated to reduce the annual marketing and administration costs by $10,000 forever. the

opportunity cost of capital is 8%. Mani Exchange has 1,200 shares of stock outstanding at a

price of $26 a share. National Sales has 5,500 shares of stock outstanding at a price of $45 a

share. If National Sales offer Mani Exchange a 35% in National Sales, what is the net present

value (NPV) of the merger? [Note: Please provide your answers in two decimal places