Winterbourne is considering a takeover of Monkton Inc. Winterbourne has 21 million shares outstanding, which sell for $62 each. Monkton has 16 million shares outstanding, which sell for $31 each. Merger gains are estimated at $80 million. If Winterbourne has a price-earnings ratio of 15 and Monkton has a P/E ratio of 10, what should be the P/E ratio of the merged firm? Assume in this case that the merger is financed by an issue of new Winterbourne