Pinder wants to acquire Value using a share bid. Pinder expects to receive synergistic benefits of $$1$ million

exactly one year from now. The synergistic benefits are expected to continue thereafter in perpetuity, occurring

in one$-$year intervals. Pinder expects to incur an acquisition cost of $$3$ million exactly two years from now. The

discount rate associated with synergies and acquisition costs is $10\%.$ Pinder$$s pre$-$bid stock price is $$20$ and has

$3$ million shares outstanding. Value$$s pre$-$bid stock price is $$9$ per share and has $2$ million shares outstanding.

What is the maximum exchange ratio that Pinder can offer to Value? $($If necessary, round only the final answer

to the nearest two decimal places$)$ Correct answer is $($a$)$

a$)0\mathrm{.}64$

b$)0\mathrm{.}68$

c$)0\mathrm{.}72$

d$)0\mathrm{.}76$

e$)$ None of the other answers are correct