The merger was justified for several reasons, including the introduction of new systems, cost savings, new products, and BMTs strategic interests in Asia, where Gold & Sheeran had a strong presence. Compared to the two companies' individual pre-merger budgets, the merged company is expected to save a combined 360 million per annum by Year 4 following the acquisition. This estimated saving is attainable at a once-off pretax investment of 450 million spread over 3 years to achieve synergies (340 million in Year 1, 70 million in Year 2, and 40 million in Year 3). The annual synergy savings over 3 years are as follows: 130 million in Year 1, 270 million in Year 2, and 360 million in Year 3. The synergy savings are estimated to grow at a rate of 2.5% per annum after Year 3. Assume a corporate tax rate of 35% and a cost of capital of 10%, then answer the following questionsWhat is the incremental value to shareholders of the synergies projected in this merger?