Penn Corp. is analyzing the possible acquisition of Teller Company. Both firms have no debt. Penn believes the acquisition will increase its total after-tax annual cash flows by $1.3 million indefinitely. The current market value of Teller is $46 million, and the market value of Penn is $87 million. The appropriate discount rate for the incremental cash flows is 10%. Penn is trying to decide whether it should offer 40% of its stock or $62 million in cash to Teller's shareholders.

What is the NPV using the cash offer? (Round answer to the nearest whole number)