Question: You analyze the acquisition of firm T by firm A. You expect the pre-tax growth synergies from the acquisition to be $120M per year, every year, starting two years after the acquisition. The restructuring costs are expected to be a one-off payment of $60M as soon as the deal closes. You find that the WACC and the expected return on assets of firm T are 12% and 16%, respectively. You also learn that the debt capacity of either firm is not expected to increase due to the acquisition. What is the after-tax net present value of the growth synergies if the tax rate is 40%