Penn Corp. is analyzing the possible acquisition of Teller Company. Both believes the acquisition will increase its total aftertax annual cash flow by $1,421,991.01 indefinitely. The current market value of Teller is $26,424,394 and that of Penn is $68,139,965. The appropriate discount rate for the incremental cash flow is 10.37%. Penn is trying to decide whether it should offer 34% of its stock or $33,837,026 in cash to Teller's shareholders.

What is the NPV of the stock offer?