Oxford and Pershing are all-equity firms. Oxford has 65,000 shares outstanding at a market price of $81.50 a share while Pershing has 21,000 shares outstanding at a price of $39.60 a share. Oxford is acquiring Pershing for $917,000 in cash. The incremental value of the acquisition is $188,000. What is the net present value of acquiring Pershing to Oxford?

		$110,700
		$102,600
		$94,800
		$87,400
		$81,200