Two identical firms have yearly after$-$tax cash flows of $$30$ million each, which are expected to continue for $40$ years. If the firms merged, the after$-$tax cash flow of the combined firm would be $$64$ million. Assume a cost of capital of $12\%.$

a$.$ Does the merger generate synergy? Make sure to show your work.

b$.$ What is change in overall firm value from the merger? Make sure to show your work.

c$.$ What is the value of the target firm to the bidding firm? Make sure to show your work.